Shyam Metalics appoints 'Growlity' for ESG diagnostic Study; Stock dips 1%

27 Jan 2022 , 11:09 AM

Shyam Metalics and Energy Limited (SMEL), a leading integrated metal producing company based in India with a focus on long steel products and ferro alloys, has appointed Growlity Inc., management consultants for a comprehensive diagnostic study on SMEL’s Environmental, Social & Governance (ESG) fundamentals, implementation ESG framework & compliance thereof.

In Phase 1 of the diagnostic study, Growlity will carry out a detailed study of SMEL’s process flow at Jamuria & Sambalpur plants. They will then map out the current carbon, water & waste footprints at both plants and assess the impact of carbon emissions.

Commenting on the development, Brij Bhushan Agarwal, VC & Managing Director said “In our move towards sustainable growth and value creation, ESG framework will certainly provide an opportunity to develop and maintain a culture of business sustainability, consistent and material to our stakeholders i.e investors, customers, employees and communities etc. Parallel to our ongoing drive towards sustainable growth, we are also determined to safeguard our environment and contribute to uplift our society while generating value”.

At around 11:11 AM, Shyam Metalics & Energy was trading at Rs327.90 apiece down by Rs4 or 1.21% on the BSE.