Shyam Metalics seals Rs. 351-cr Mittal Corp acquisition deal

Shyam Metalics and Energy (SMEL) has successfully completed the acquisition of Mittal Corp, making an investment of Rs. 351 crore through its wholly-owned subsidiary, Shyam Sel and Power. This strategic acquisition is aimed at expanding SMEL's manufacturing capacity for stainless steel and mild steel billets. The acquisition involves the establishment of two manufacturing facilities in Madhya Pradesh. Unit-I, covering an area of 17 acres, is dedicated to the production of stainless steel and mild steel billets with an annual production capacity of 1,00,000 metric tonnes per annum (tpa). Unit-II, equipped with technology from Danieli Morgardshammar, has an installed capacity of 1,50,000 metric tonnes per annum for wire rods and bars production. SMEL is known for its ability to achieve steady growth and is further enhancing its presence in the steel industry. They are also in the process of setting up a stainless flat steel facility in Odisha, which will contribute to their expansion and development in the sector.