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Shyam Metalics Plans INR27 Billion Additional Investment for Expansion; Shares Up 3%

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Metals manufacturer Shyam Metalics and Energy (NSE:SHYAMMETL, BOM:543299) has earmarked an additional investment plan of 27 billion Indian rupees for expansion activities, according to a Wednesday filing to the Indian stock exchanges.

The investment is aimed at expanding higher-margin product offerings to help revenue growth and will be funded entirely through internal accruals.

The plan includes a 9 billion rupees investment in an 800,000 TPA special bar quality and specialty wire rod and bar mill, along with 18 billion rupees to expand stainless steel capacity.

The multi-faceted investment program is targeted for commissioning by 2029.

This investment is in addition to the earlier declared 160.6 billion rupees capex, of which around 87 billion rupees have already been invested. The remaining amount is expected to be executed over the next three to four years.

The company's shares were up nearly 3% in recent trade.

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