Indian steelmaker invests USD 16.3 mn in its first overseas manufacturing unit

Manufacturing shift: Indian steelmaker Shyam Steel Group opened its first manufacturing facility outside India in Sharjah’s Hamriyah Freezone to produce recycled aluminum and copper alloys, as per a press release. The plant was set up with an investment of AED 60 mn (USD 16.3 mn) through its local subsidiary and will cater to customers across the GCC, Africa, Asia, and Europe.

Why it matters: The investment indicates that Indian companies are using the UAE as a manufacturing base to serve local and export markets. Hamriyah’s port connectivity, freezone incentives, and proximity to regional markets make it an attractive hub for businesses looking to shorten supply chains, improve export logistics, and diversify beyond India.

What’s next: Shyam Steel plans to invest another AED 150 mn (around USD 40.8 mn) to expand the facility into specialty alloy steel and rare earth metals production.