Shares of BMW Industries Ltd surged nearly 10% on Tuesday after the company entered into a Memorandum of Understanding (MoU) with the Ministry of Steel, Government of India, under the Production Linked Incentive (PLI) Scheme 1.1 for speciality steel.

The agreement was signed on March 24, 2025, at Vigyan Bhawan, New Delhi, BMW Industries said in a stock exchange filing.

As part of the MoU, BMWIL will manufacture a range of speciality steel products, including ‘Coated/Plated Steel Products of Metallic/Non-Metallic Alloy’ and ‘Al-Zn Coated (Galvalume)’ products. These products will be produced at BMWIL’s upcoming Greenfield Downstream Steel Complex located in Bokaro, Jharkhand.

The facility is part of the company’s broader investment plans, which were first announced on March 19, 2025.
Opening marginally lower at ₹46.9 apiece on Tuesday, shares of BMW Industries Ltd. rose 10% in the early trade to touch an intraday high of ₹49.51 apiece on the BSE.

As a qualified beneficiary under the PLI scheme, BMWIL is set to expand its manufacturing footprint, catering to both domestic and international markets.

“This partnership marks a significant milestone in fortifying our downstream steel capabilities and enhancing our presence in the market. With our strategically located Bokaro plant, we are confident that this project will deliver long-term value for our stakeholders and contribute to the government’s goal of advancing speciality steel production in India. We remain committed to promoting self-reliance and driving growth in the steel sector in alignment with the ‘Make in India’ and ‘Atmanirbhar Bharat’ initiatives,” Harsh Bansal, Managing Director of BMW Industries said.

Headquartered in Kolkata, BMW Industries has been a trusted partner in the steel sector since its inception in 1981. The company specializes in manufacturing a wide range of products such as HRPO Coils, CR Coils, GP Coils, GC Sheets, MS and GI pipes, and TMT rebars, among others.

It has processing facilities in West Bengal and Jharkhand and is a joint venture with the Steel Authority of India Ltd (SAIL).

Shares of BMW Industries were trading 6.8% at ₹48.09 on the BSE around 11.15 am.