# Shyam Metalics acquires Mittal Corp, enters stainless steel business

Shyam Metalics and Energy Ltd has acquired Mittal Corp Ltd through an NCLT-led resolution process for about Rs 450 crore, marking its foray into the stainless steel business. The company plans to invest Rs 7,500 crore over 4-5 years to scale up its metal business.

- Type: Acquisition
- Announced: 2022-12-20
- Where: Madhya Pradesh, India
- Value: $5.40M (450.0M INR)
- Jobs: 10,000
- Status: completed
- Capacity: 150,000 tpa stainless steel / wire rod & bar
- Products: stainless steel, specialty steel products
- Sectors: [Steel and Metal Products](https://endata.com/sectors/steel-metal-products.md)

## Companies

- [Shyam Metalics and Energy Ltd](https://endata.com/companies/57960.md) (acquirer)
- [Mittal Corp](https://endata.com/companies/67443.md) (target)

## Sources

- [business-standard.com](https://www.business-standard.com/article/companies/shyam-metalics-acquires-mittal-corp-forays-into-stainless-steel-business-122122000901_1.html), 2022-12-20: "Shyam Metalics and Energy Ltd on Tuesday said it has forayed into the stainless steel business by acquiring Mittal Corp Ltd in an NCLT-led resolution process."
- [financialsamachar.com](https://financialsamachar.com/shyam-metalics-and-energy-limited-smel-to-complete-third-acquisition-expanding-both-inorganically-and-organically/), 2022-12-20: "With this development, Shyam Metalics has embarked on a ‘diversification approach’ in the metal space to chart the company’s growth journey and has proposed to further invest Rs 7500 crore over the next five years."

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Data from Endata (https://endata.com/). Announcements are summarized from public sources and may be incomplete; check the linked originals.