National, Feb 19: Synergy Advanced Metals Limited (SAML) has signed four Memoranda of Understanding (MoU) with the Union Ministry of Steel for participating in the PLI Scheme for Specialty Steel.
Synergy Advanced Metals signed the MoUs following the approval through the review process by MECON, the Program Management Agency appointed by Ministry of Steel for implementing the PLI scheme considering the eligibility requirements, according to an official statement.
“This is a landmark moment for us, reinforcing our commitment to India’s vision of becoming a global player in specialty steel manufacturing. By aligning with the national priorities of Make in India and Aatmanirbhar Bharat, this partnership enables us to enhance our domestic production of stainless steel products,” said SAML Managing Director Anubhav Kathuria.
Under the PLI Scheme 1.2, 85 MoUs have been signed with 55 companies, committing investments of ₹11,887 crore, according to the government.
These projects are expected to add 8.7 million tonnes of specialty steel capacity by FY 2031, significantly expanding India’s capabilities in high-end steel segments such as electrical steel, alloy and stainless steels, coated products, and grades required for strategic sectors.
