Shyam Metalics & Energy has completed the acquisition of Mittal Corp through its wholly-owned subsidiary, Shyam Sel and Power on 18 October 2023 at a consideration of Rs. 351 crore. The development marks the company's foray into stainless-steel sector, expanding its operations and solidifying its position as a diversified steel and power conglomerate.

The acquisition will expand the manufacturing footprints of the company in the state of Madhya Pradesh, with the creation of two key manufacturing facilities, Unit | and Unit Il. Unit |, with an installed capacity of 1,00,000 TPA, sprawled over 17 acres of land, is dedicated to the production of stainless-steel products, including stainless steel billets and mild steel billets. Unit Il boasts an installed capacity of 1,50,000 TPA for manufacturing wire rods and bars of various thickness, equipped with state-of-the-art technology from Danieli Morgardshammar, Sweden/Italy.