The new investment plan is part of the company's expansion programme. It will set up similar plants in Purulia and Kharagpur in West Bengal with a combined investment of Rs 3,000 crore.
"The Madhya Pradesh cement and steel plants will have a one million tonne capacity each. The company also has plans to set up a 500-Mw captive power plant," a company source told Business Standard, adding, "we will produce TMT steel bars (Saria) in the plant. The projects will create at least 1,000 direct jobs. The company has applied for iron ore mines in Madhya Pradesh and Chhattisgarh.
The company has yet to identify the site.
"The government has assured providing land if the company faces difficulty in acquiring it," the source added.
Shyam Steel Industries is part of an industrial group of West Bengal. Established in the 1950s, the group is operating integrated steel plants in Durgapur and has a few steel plants in Howrah.
The group has an institutional client base and an annual turnover of about Rs 450 crore in 2006-07, and it's expected to touch Rs 1,000 crore during the current year. The flagship company of the group, Shyam Steel Industries Ltd, has a presence all over the country, supplying quality marked TMT bars and structural construction materials.
