Hi-Tech Pipes Limited signs MOU with UP Government for new plant

In a step towards make in India and Building Aatmnirbhar Bharat ambition of Government of India, Hi-Tech Pipes Limited has signed a Memorandum of Understanding (MOU) with the Government of Uttar Pradesh for setting up of a Mega manufacturing facility of Steel tubes & Pipes and Flat Steel Processing. Memorandum of Understanding is signed under the Invest U.P. Programme of U.P. Government carrying out under the leadership of Hon'ble Chief Minister of Uttar Pradesh Sh. Yogi Adityanath Ji. Under this MOU the proposed Investment will be of Rs.510 Crores to be invested in phased manner. This proposed project will go a long way in helping to achieve a vision of Hon'ble Chief Minister Sh. Yogi Adityanath Ji to build U.P. $1-Trillion economy. Further, the favourable business environment and the special incentive packages offered by the U.P. government will additionally help the company to strengthen its position in the steel tubes & Pipes and Flat Steel Processing Industry.

Commenting on the development, Mr. Ajay Kumar Bansal, Managing Director, Hi-Tech Pipes Ltd. said: "We are extremely proud and happythat 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.

Shares of Hi-Tech Pipes Limited was last trading in BSE at Rs. 75.90 as compared to the previous close of Rs. 76.95. The total number of shares traded during the day was 170647 in over 2173 trades.

The stock hit an intraday high of Rs. 77.60 and intraday low of 75.65. The net turnover during the day was Rs. 13043932.00.

Source : Equity Bulls

Keywords

HiTechPipes INE106T01017 MOU UPGovernment AatmanirbhaBharat SteelTubes Pipes NewPlant