Shyam Metalics and Energy Limited’s board has approved the voluntary liquidation of its subsidiary, Shyam Metalics International DMCC (SMIDMCC). The company also approved new projects and expansion plans involving a capital expenditure of ₹6,660 crore. Mr. Subrata Bhattacharya has been appointed as an Additional Independent Director. Unaudited financial results for Q3 2026 were also approved.
Liquidation of International Subsidiary
The Board of Directors has approved the voluntary liquidation of Shyam Metalics International DMCC (SMIDMCC), a wholly-owned subsidiary. This decision was made because the proposed business activities of SMIDMCC could not be realized due to geopolitical uncertainties, and it had not commenced any business activities since incorporation, leading to recurring costs without commercial benefits.
Significant Capital Expenditure for New Projects
The Board has approved new projects and expansion plans involving a capital expenditure of ₹6,660 crore. These projects include:
- Wagon Manufacturing Facility at Kharagpur: ₹200 crore
- Blast Furnace Expansion: ₹200 crore
- Power Plant at Sambalpur: ₹450 crore
- Hot Rolling Mill & Furnace: ₹5,400 crore
- Blast Furnace Expansion: ₹410 crore
These projects are planned to be funded through a mix of internal accruals and borrowings.
Appointment of Additional Director
Mr. Subrata Bhattacharya has been appointed as an Additional Director in the Independent Category for a term of five years, effective from February 1, 2026, to January 31, 2031.
Q3 2026 Financial Results
The unaudited integrated financial results (standalone and consolidated) for the third quarter and nine months ended December 31, 2025, have been reviewed and approved by the Audit Committee and the Board of Directors.
Revision of Related Party Transactions Policy
The Company’s Policy on Related Party Transactions has been revised to align with regulatory requirements and industry standards. The revised policy takes effect from the Board’s approval date.
Source: BSE
