Synergy Advanced Metals joins India’s PLI push as speciality steel projects target ₹11,887 crore investment by FY2031.
Synergy Advanced Metals (SAML) has signed a Memorandum of Understanding (MoU) with the Ministry of Steel to participate in the Production Linked Incentive (PLI) Scheme for Speciality Steel, reinforcing India’s push to build global-scale manufacturing capabilities.
The company executed four MoUs following approvals granted through a rigorous review by MECON, the Programme Management Agency appointed by the Ministry of Steel to implement the scheme and assess eligibility.
Commenting on the development, Anubhav Kathuria, Managing Director, Synergy Advanced Metals, said the partnership marks a milestone in the company’s journey and aligns strongly with India’s Make in India and Aatmanirbhar Bharat priorities, enabling expanded domestic production of stainless-steel products.
Under PLI Scheme 1.2, a total of 85 MoUs have been signed with 55 companies, committing ₹11,887 crore in investments. The projects are expected to add 8.7 million tonnes of speciality steel capacity by FY 2031, strengthening India’s footprint in high-end segments such as electrical steel, alloy and stainless steels, coated products, and grades critical for strategic sectors.
Source: PR
