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In line with the imaginative and prescient of Prime Minister Narendra Modi’s Aatmanirbhar Bharat, Hi-Tech Pipes has introduced to speculate Rs 510 crore in Uttar Pradesh to arrange a producing facility.
The firm mentioned that it has signed a memorandum of understanding with the Uttar Pradesh authorities to arrange a mega manufacturing facility of metal tubes and pipes and flat metal processing. The MoU was signed beneath the Invest UP programme beneath the management of Chief Minister Yogi Adityanath.
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Under this MoU, in accordance with an announcement by Hi-Tech Pipes shared with exchanges, the funding can be performed in a phased method to arrange the ability.
Ajay Kumar Bansal, MD, Hi-Tech Pipes, mentioned that the corporate has a robust presence within the state and that the MoU will additional reinforce the dedication to create extra employment and business alternatives within the nation’s most populous state.
“This transaction will support the capacity expansion plans and strengthen the company’s position in the steel tubes & pipes Space,” he mentioned.
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The firm added that beneficial business surroundings and the particular incentive packages provided by the state authorities will moreover assist the corporate to strengthen its place within the metal tubes and pipes and flat metal processing business.
Meanwhile, shares of Hi-Tech Pipes completed at Rs 854 apiece on NSE within the final buying and selling session on Friday, January 6.
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