Hi-Tech Pipes signs MoU with U.P. Govt

Hi-Tech Pipes signed memorandum of understanding (MoU) with government of Uttar Pradesh to set up a mega manufacturing facility of steel tubes & pipes and flat steel processing.

Under this MoU, the proposed investment is Rs 510 crore, to be invested in phased manner.

The favourable business environment and the special incentive packages offered by the U.P. government will help the company to strengthen its position in the steel tubes & 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 this MoU with U.P. Government, Hi-Tech Pipes has strong presence in Uttar Pradesh for more than three decades with our own manufacturing facility(ies). This MoU further reinforces our commitment to the state by creating more employment and business opportunities. This transaction will support the capacity expansion plans and to strengthen our position in the steel tubes & pipes space."

Hi-Tech Pipes is in the business of manufacturing of ERW steel round & section pipes, cold rolled strips & engineering products and distribution of the same.

The company's consolidated net profit declined 56.8% to Rs 4.34 crore despite of 29.9% jump in net sales to Rs 598.53 crore in Q2 FY23 over Q2 FY22.

The scrip rose 0.67% to Rs 858.30 on the BSE.

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