Shyam Group to invest Rs 500cr in Siliguri area

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Kolkata, Apr 30: The Shyam Group of Industries on Wednesday unveiled plans to invest over Rs 500 crore in the Siliguri region of north Bengal.

A company release quoted B Bhushan, vice chairman and managing director of the group, as saying that the focus would be on the core and infrastructure industries.

The group has already begin work on a hydel power plant on the River Chel in the area. The plant would be commissioned by 2009.

Bhushan said the West Bengal Renewable Energy Development Agency (WBREDA) is backing the group's efforts in non-conventional energy.

"We started our construction activity some time back and we are confident that the 6mw plant would be commissioned by 2009," he was quoted as saying.

The power plant is coming up under Shyam Energy Ltd, a group company.

By 2014, the Shyam Group expects to be generating 1,500mw via independent power plants (IPPs) as well as captive ones, the company said.

"We have recently commissioned a biomass based power plant at one of our factories at Burdwan and, besides hydel, we are also looking at generating power through the solar energy route," the release quoted Bhushan as saying.

He said the group has recently signed an pact with the Chattisgarh government to build a 600mw IPP.

This is in addition to the 1000mw captive power plant that it is setting up at Jamuria as part of an integrated steel plant.

In Siliguri, the group will be setting up a cement plant in a joint venture with the Century group. The fly ash from the Jamuria power plant would be used by the cement plant.

"At present, the group manufactures 1 million tonne of cement, and this would be increased to 4m tonne by 2012," Bhushan said.

Shyam SEL, the group's flagship, recently signed a pact with the West Bengal Industrial Development Corp Ltd to set up an integrated steel and power complex of 1.1m tonne per annum of finished steel and a 1000mw captive power plant at Jamuria near Asansol in Burdwan district..