Shyam Metalics and Energy Limited (SMEL) is evaluating fresh investment opportunities in West Bengal, with a final decision likely once a new industrial policy is in place. According to reports from Business Standard, the company plans to invest around ₹20,000 crore in the state, of which about ₹10,000 crore has been earmarked for its existing facilities at Kharagpur and Jamuria. Brij Bhushan Agarwal, chairman and managing director of SMEL, stated that the company aims to complete the ₹10,000 crore investment across its Kharagpur and Jamuria facilities by 2029.
At Kharagpur, where the company acquired the Ramsarup plant through the NCLT process, SMEL plans to set up a wagon manufacturing facility along with a speciality steel plant. As reported by Business Standard, the company expects to invest close to ₹4,000 crore at the site over the next two to three years. At Jamuria, the company plans to invest about ₹6,000 crore to set up multiple facilities, including a hot-rolled coil (HRC) unit.
According to Agarwal's comments reported by Business Standard, the company is just waiting for the new industrial policy. He expressed optimism about government support, stating "I am very optimistic that there will be a lot of support from the central as well as state government for new industry." On incentives, Agarwal noted that "the environment has changed across the country. There is competition between states. We are not expecting anything special, but it should be in line with what the other states are offering."
SMEL has manufacturing facilities in West Bengal, Odisha, Jharkhand, and Madhya Pradesh. As reported by Business Standard, Agarwal confirmed that the company is also evaluating investment options in Maharashtra. The expansion strategy reflects the company's broader growth plans across multiple Indian states, with West Bengal representing a significant portion of these investments pending the new industrial policy framework.
