Shyam Metalics and Energy announced that it will invest Rs 650-750 crore in its stainless steel business over the next few years.

The company said it will establish a state-of-the-art stainless steel hot rolled coils (HRC) facility at its existing plant in Sambalpur, Odisha.

This facility, with a capacity of 0.3 million tonnes per year, will specialise in producing high-quality 200 and 400 series stainless steel hot rolled coils, as stated by the company in a statement.

Shyam Metalics emphasised its commitment to leveraging captive raw materials such as direct-reduced iron (DRI), power, and ferro alloys for the project.

Additionally, the company plans to acquire a 20-acre land parcel at the newly merged Mittal Corp, now under its wholly-owned subsidiary Shyam Sel and Power Limited, officials said.

Sanjay Agarwal, Joint Managing Director of Shyam Metalics, said, "The entire project, expected to be commissioned by mid-FY 2026-27, will require a substantial capital outlay estimated to be in the range of Rs 650–750 crore."