Synergy Steels to set up Stainless Steel Wire Rod Project in Rajasthan

Synergy Steels Limited intends to construct a new stainless steel wire rod plant in Desula, Alwar, Rajasthan. The project is still in the planning stages, but it will constitute a considerable extension of the company's current operations. The new project would have a capacity of 1.5 Lakh tpa of stainless steel wire rod per year. 

The project's budget is Rs. 8 crore.Synergy Steels would become one of India's major producers of stainless steel wire rod as a result of this acquisition. Hundreds of direct and indirect employment are expected to be created as a result of the project. It will also help the local economy by increasing demand for raw materials and services. 

The new project is scheduled to be finished in 2024. It will assist Synergy Steels in meeting the increasing demand for stainless steel wire rod in India and around the world. The project will also help India become more self-sufficient in the production of stainless steel wire rod. India currently imports a substantial volume of stainless steel wire rod from China. The new facility will help India lessen its reliance on imports. Overall, the new stainless steel wire rod project is a boon for Synergy Steels, the local economy, and India.

As of September 2023, The project is now in the stage of construction being started the work on the project will be finished in 2024, 2025 or 2026 It has been decided to hire a local contractor.

News by Rahul Yeligetti