In line with the vision of Prime Minister Narendra Modi's Aatmanirbhar Bharat, Hi-Tech Pipes has announced to invest Rs 510 crore in Uttar Pradesh to set up a manufacturing facility.
The company said that it has signed a memorandum of understanding 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 programme under the leadership of Chief Minister Yogi Adityanath.
Under this MoU, according to a statement by Hi-Tech Pipes shared with exchanges, the investment will be done in a phased manner to set up the facility.
Ajay Kumar Bansal, MD, Hi-Tech Pipes, said that the company has a strong presence in the state and that the MoU will further reinforce the commitment to create more employment and business opportunities in the country'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 said.
The company added that favourable business environment and the special incentive packages offered by the state government will additionally help the company to strengthen its position in the steel tubes and pipes and flat steel processing industry.
Meanwhile, shares of Hi-Tech Pipes finished at Rs 854 apiece on NSE in the last trading session on Friday, January 6.