Shyam Metalics and Energy Limited’s Board of Directors met on October 31, 2026, to approve the unaudited financial results for the second quarter and half-year ended September 30, 2026. The Board also gave in-principle approval for the induction of Mr. Debashis Prasad Pattanaik as a nominee director. Furthermore, the company has proposed to acquire a 51% controlling equity stake in Alom Solar Private Limited and approved an initial capital expenditure budget of approximately ₹360 Crores for the Phutamura Coal Block.
Board Meeting Highlights
On October 31, 2026, Shyam Metalics and Energy Limited’s Board of Directors convened to discuss and approve key strategic initiatives. The meeting resulted in the approval of the company’s unaudited financial results for the second quarter and half-year ended September 30, 2026. These results, reviewed by the Audit Committee and accompanied by a limited review report from M/s. MSKA & Associates LLP, are now available on the company’s website.
New Director Appointment
The Board, based on the recommendation of the Nomination and Remuneration Committee, granted in-principle approval for the induction of Mr. Debashis Prasad Pattanaik as a nominee director representing LIC. This appointment is subject to member approval, allotment of DIN, and other requisite formalities. Mr. Pattanaik is not debarred from holding directorships by any regulatory authority.
Strategic Acquisition and Capex
In a significant move towards backward integration, the company has proposed acquiring a 51% controlling equity stake in Alom Solar Private Limited. Upon completion, Alom Solar Private Limited will become a subsidiary of Shyam Metalics and Energy Limited. The company also approved an initial capital expenditure budget of approximately ₹360 Crores for the development and operationalization of the Phutamura Coal Block in Raigarh District, Chhattisgarh. The company will contribute 51% of this capex budget, with the remaining 49% to be funded by a joint venture partner. The acquisition of Alom Solar Private Limited is expected to be completed on or before November 30, 2026.
Source: BSE
