Shyam Metalics on Monday said it will invest Rs 850 crore in the current fiscal as part of its Rs 2,960-crore capital expenditure plan to double its steel-making capacity and foray into the aluminium foil sector.

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The steel company also announced that it roped in Bollywood superstar Salman Khan to promote its TMT bar brand Shyam Sel for two years.

The company is foraying into manufacturing of aluminium foil for the packaging industry with Rs 300 crore capital expenditure (capex), an official said.

"We will increase our integrated production capacity from the existing 5.71 mtpa to 11.54 mtpa. This includes enhancement of value-added long steel capacity to 2 mtpa from 0.89 mtpa. The capex for the current year will be Rs 850 crore," Shyam Metalics joint managing director Sanjay Agarwal said.

Roping in Khan will help expand the footprint of the TMT bar brand in retail markets, he said.

"The company will raise the capacity of TMT product to 1.1 mtpa from 0.6 mtpa now," Agarwal said.

At least 75 per cent of the proposed expansion will be achieved by FY23, and the rest will be done by 2025, the official said.

The aggregated capital expenditure of all the projects would be Rs 2,960 crore, of which the company had already spent Rs 736 crore till the 2021 fiscal.

The steelmaker operates three manufacturing plants - one in Sambalpur in Odisha and two in West Bengal's Jamuria and Mangalpur.

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The aluminium foil rolling mill complex in Pakuria, about 40 kms from Kolkata, will have a capacity of 40,000 mt per annum.