Latest Sectors News

Maithan Alloys Limited will shut down its Byrnihat plant in Meghalaya. The closure is effective from August 31. The company cites unfavorable market dynamics as the reason. A sharp increase in power costs in Meghalaya also contributed to the decision. The Byrnihat unit accounted for a notable portion of the company's turnover. View More

Maithan Alloys Ltd on Monday announced the closure of its Byrnihat unit in Meghalaya from August 31, citing adverse market conditions and a sharp increase in power costs in the northeastern state. In a regulatory filing, the company said the closure would be for an "indefinite period". The Byrnihat unit contributed 6.12 per cent to its total turnover and 8.16 per cent to net worth in the 2024-25 fiscal. The total revenue stood at Rs 112.17 crore in the last fiscal, the company said. Maithan Alloys operates three manufacturing units - West Bengal, Meghalaya and Andhra Pradesh. The company is a leading producer of manganese and ferro alloys used in steel manufacturing. (You can now subscribe to our Economic Times WhatsApp channel) (You can now subscribe to our Economic Times WhatsApp channel)