Maithan Alloys Ltd on Monday announced that it will shut down operations at its Byrnihat unit in Meghalaya from August 31, citing challenging market conditions and a steep rise in power costs in the region.

In a regulatory filing, the company stated that the closure will be for an "indefinite period."

The Byrnihat facility accounted for 6.12% of the company's total turnover and 8.16% of its net worth in FY 2024-25. The unit generated revenue of Rs 112.17 crore during the fiscal year, the company added.