The Hyderabad-based Mahalakshmi Profiles Pvt Ltd (MPL Group) has announced an investment of Rs 260 crore to produce coated/plated products of metallic and non-metallic alloys with a capacity of 2.0 lakh tonne per year.

It stated that a new mega project would be launched next year at its site near Kallakal village Manoharabad mandal in Medak district.

The announcement comes after the company signed an agreement with the Union Ministry to produce specialty steels under the Production Linked Incentive (PLI) scheme.

The agreement was signed in the presence of Jyoti AdityaScindia, Union Minister of Civil Aviation and Steel, at a ceremony in Delhi.

“The project will give an impetus to specialty steel manufacturing in the country substituting expensive imports,” Vinod Kumar Agarwal, Managing Director of MPL Group, said ion Saturday.

The National Steel Policy aims to achieve 300 million tonnes of crude steel production capacity by 2030-31.

“To meet this target the Government of India has devised a unique Production Linked Incentive (PLI) Scheme for Steel Producers to encourage them to produce Specialty steels in the country,” he said.