Shyam Metalics announces ₹20,000 crore investment push in Bengal

Shyam Metalics, one of the country’s leading metal bands, announced on Tuesday (May 19) that it will invest Rs 20,000 crore in West Bengal in the coming years. The company’s Chairman and General Manager said that they hope to find an easier path for industrial growth after the change of government.

“We employ more than 25,000 people in Bengal and plan to increase this number to at least 45,000 in the next few years. With the new era in the state, we think a lot of central funds will come for better development,” CMD, Brij Bhushan Agarwal said on Tuesday.

They are also preparing to set up a railway manufacturing unit in Kharagpur and will invest at least ₹ 4,000 crore in this project in the coming years. They recently acquired a factory facility that has been closed for almost 15 years and are preparing to commission its operations by the end of this year.

Mr. Brij Bhushan also said that almost 90% of their employees are from Bengal and they tend to continue hiring from here to ensure better employment of youth in the state.

Calling it a proud moment for Bengal, Joint Director General Sanjay Kumar Agarwal said that they are expecting a better land policy from the new government that will help them acquire land and start working faster than before.

“We will see that we get a chance to give jobs to people from this State so that out-migration stops. We value the work ethic in Bengal,” Mr. Sanjay said.

He added that they were one of the first to announce such a huge investment in Bengal after the regime change and asked other industrialists to do the same.

According to senior officials of the company, although the population in Bengal is almost three times that of Kerala, Bengal consumes only 15,000 metric tonnes of coated steel, similar to Kerala. An official added that this was mostly due to lack of growth and said there was huge potential to increase consumption through better industrialization in the state.

P.hoto added to email

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