Synergy Advanced Metals (SAML) has signed four Memoranda of Understanding (MoUs) with India’s Ministry of Steel. This agreement formally integrates the company into the Production-Linked Incentive (PLI) Scheme for Specialty Steel.
The execution of these four MoUs follows a rigorous review process. MECON, the Programme Management Agency appointed by the Ministry of Steel to implement the scheme, thoroughly assessed SAML’s eligibility before granting the final approvals.
Anubhav Kathuria, Managing Director of Synergy Advanced Metals, highlighted that this partnership is a major milestone for the company. He noted that the agreement aligns directly with the national Make in India and Aatmanirbhar Bharat (Self-Reliant India) initiatives, paving the way for expanded domestic production of stainless-steel products.
SAML’s participation is part of a much larger national push to restructure India’s steel supply chain. Under the latest PLI Scheme 1.2 rollout:
- Industry Participation: A total of 85 MoUs have been signed involving 55 different companies.
- Investment Commitments: The scheme has secured investments totaling ₹11,887 crore.
- Capacity Growth: These combined projects are projected to add 8.7 million tonnes of specialty steel capacity by FY 2031.