Hi-Tech Pipes to set up new manufacturing facility in Uttar Pradesh at Rs 510 crore

Leading steel processing company Hi-Tech Pipes has signed a memorandum of understanding with the Uttar Pradesh government to invest Rs 510 crore in a phased manner. The company will make this investment to set up a manufacturing facility of steel tubes and pipes and flat steel processing.

Hi-Tech Pipes Limited is the producer and supplier of steel pipes, hollow sections, tubes, cold rolled coils and a variety of products.

According to a statement from Hi-Tech Pipes shared with exchanges, the agreement was signed under the Invest UP programme under the leadership of Chief Minister Yogi Adityanath.

This project, the company statement said, will go a long way in helping to achieve a vision of Yogi Adityanath to build UP $1 Trillion economy.

Also, read- PAN Card for Minor: How to apply for PAN for a child? Process explained

“This transaction will support the capacity expansion plans and strengthen our position in the steel tubes and pipes space,” Ajay Kumar Bansal, Managing Director, Hi-Tech Pipes, said.

"The MoU reinforces the commitment to creating more employment and business opportunities in Uttar Pradesh," he added.
 
The company also lauded the state's favourable business environment and the special incentive packages being offered to businesses. It said that the support of the government will additionally help the company to strengthen its position in the steel tubes and pipes and flat steel processing industry.

The stock of the iron & steel products company settled at Rs 854 apiece on NSE in the last trading session on January 6.

Click Here For Latest Updates On Stock Market | Zee Business Live