Shyam Metalics and Energy Ltd signed a non-binding memorandum of understanding with the Government of Maharashtra on October 1, 2026, to facilitate a proposed integrated steel complex at Chandrapur in the Vidarbha region. The company disclosed the agreement in a BSE filing dated October 2, 2026.

The proposed greenfield complex would have a capacity of 9 million tonnes per annum (MTPA), with an estimated investment of Rs 50,000 crore. The filing identifies the investment as an estimate under the MoU, which does not constitute a binding agreement.

The proposal also carries employment potential of approximately 30,000 jobs, comprising 10,000 direct jobs and 20,000 indirect employment opportunities. These figures describe the employment potential of the proposed project.

Project initiation proposed in FY 2026-27

Shyam Metalics has proposed initiation in FY 2026-27, with obtaining the necessary approvals, permissions, registrations, clearances and fiscal incentives from the Maharashtra government. The filing does not specify a commissioning date for the steel complex.

The scope of the MoU covers an integrated production complex with the following facilities:

  • Pelletisation, sintering and coke making.
  • Blast furnace and direct reduced iron (DRI) facilities.
  • Steel melting and continuous casting.

The Maharashtra government is to facilitate the permissions, registrations, approvals, clearances and fiscal incentives required for the project under applicable state policies, rules and regulations. The disclosure describes this facilitation role without stating that the necessary approvals or incentives have already been granted.

Agreement and exchange disclosure

The Government of Maharashtra was represented by Dr. P. Anbalagan, IAS, Principal Secretary of the Industries, Investment & Services Department, according to the annexure accompanying the filing.

Shyam Metalics said the arrangement does not fall within related-party transactions, identifying the state government as an unrelated third party. It also disclosed that none of its promoters, promoter group, key managerial personnel or group companies has any interest in the Government of Maharashtra.

The company submitted the disclosure under Regulation 30 of the SEBI Listing Obligations and Disclosure Requirements Regulations, 2015, to BSE and the National Stock Exchange. Its BSE scrip code is 543299 and its NSE symbol is SHYAMMETL.