Hi-Tech Pipes has said it signed a memorandum of understanding with the government of Uttar Pradesh for setting up a mega manufacturing facility of steel tubes and pipes, and flat steel processing with an investment of Rs 510 crore.
The agreement was signed under the Invest UP programme under the leadership of Chief Minister of Uttar Pradesh Yogi Adityanath.
Under this MoU, the proposed investment will be Rs 510 crore to be invested in a phased manner, according to a statement from Hi-Tech Pipes shared with exchanges on Saturday evening.
Further, the company also said the favourable business environment and the special incentive packages offered by the UP government will additionally help the company to strengthen its position in the steel tubes and pipes and flat steel processing industry.
Ajay Kumar Bansal, Managing Director, Hi-Tech Pipes, said: "We are extremely proud and happy that the company has entered into this MoU with UP government. Hi-Tech Pipes has strong presence in Uttar Pradesh (UP) for more than three decades with our own manufacturing facility(ies)... This transaction will support the capacity expansion plans and strengthen our position in the steel tubes and pipes space."
( With inputs from ANI )
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