In line with Prime Minister Narendra Modi’s vision of a self-reliant India, Hi-Tech Pipes has announced an investment of Rs 510 crore to set up a manufacturing facility in Uttar Pradesh.
The company said it has signed an MoU with the Uttar Pradesh government to set up a mega manufacturing facility of steel tubes and pipes and flat steel processing. The MoU was signed under the Invest UP program under the leadership of Chief Minister Yogi Adityanath.
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According to a statement by Hi-Tech Pipes shared with the exchanges, investments will be made in a phased manner to set up the facility under this MoU.
Ajay Kumar Bansal, MD, Hi-Tech Pipes, said the company has a strong presence in the state and the MoU will further strengthen its commitment to generate more employment and business opportunities in the country’s most populous state.
“The deal will support the capacity expansion plans and strengthen the company’s position in the steel tube and pipe space,” he added.
The company said that the favorable business environment and special incentive package offered by the state government will help the company strengthen its position in steel tubes and pipes and flat steel processing industry.
Meanwhile, shares of Hi-Tech Pipes closed at Rs 854 on NSE in the last trading session on Friday, January 6.