Calcutta, Sept. 19: The city-based Shyam Steel Industries has drawn up a Rs 550-crore expansion programme which includes setting up new facilities in Jharkhand and Chhattisgarh as well as upgrading its fully-integrated unit at Durgapur.

The company has earmarked Rs 450 crore for the new ventures and set aside Rs 100 crore for upgrading the Durgapur facility.

The company, which manufactures TMT bars and structurals, is looking for suitable lands in Jharkhand and Chhattisgarh.

Preliminary talks with Jharkhand and Chhattisgarh governments have been held.

Chairman Shyam Sunder Beriwala said the company would approach the respective governments for mining leases. A memorandum of understanding is likely to be signed this fiscal.

It is also setting up a sponge-iron unit and a captive power plant at its Durgapur facility.