Rama Steel Tubes inks MoU with UP Govt for steel processing unit

Rama Steel Tubes said that it has signed a memorandum of understanding (MOU) with the Government of Uttar Pradesh for setting up of steel processing unit.

The steel processing unit would be for MS Pipes, STP Poles, Gl Pipes, CR Coils, GP Coils, Colour Coated Coils.

Under this MOU, the proposed investment will be of Rs 600 crore, which would be invested in phased manner.

Commenting on the announcement, Richi Bansal, executive director, Rama Steel Tubes, said "We are proud to announce that the company has received mega project.

Our sustained relation and credibility has yet again fructified in bagging us new prestigious mega project. RSTL has been associated many State Corporations, even in the past and we celebrate our long-standing relationship with them. This transaction will support the capacity expansion plan and to strengthen our position in the steel tubes & pipes space.

Rama Steel Tubes is engaged in the business of manufacturing of Steel Pipes and related products.

The company's consolidated net profit declined 28.2% YoY to Rs 5.09 crore while net sales surged 79.9% to Rs 347.24 crore in Q2 FY23 over Q2 FY22.

The scrip fell 1.15% to end at Rs 43 on the BSE yesterday.

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