Synergy Advanced Metals Signs 4 MoUs Under PLI Scheme 1.2 to Expand Specialty Steel Capacity

Synergy Advanced Metals Limited has signed four memoranda of understanding with the Ministry of Steel to participate in the Production-Linked Incentive scheme for specialty steel. The approvals followed a review by MECON Limited, the programme management agency responsible for evaluating eligibility under the scheme.

Under PLI Scheme 1.2, a total of 85 MoUs have been signed with 55 companies, committing investments of Rs 11,887 crore and targeting addition of 8.7 million tonnes of specialty steel capacity by FY2031.

The expanded production will strengthen domestic capability in electrical steel, alloy and stainless steel, coated products and specialised grades used in strategic sectors. The initiative supports the government’s objective of reducing import dependence and promoting value-added manufacturing in advanced steel products.