Hi-Tech Pipes Ltd commissions 5 MW captive green power utilization

Hi-Tech Pipes Limited one of the leading Steel Tubes and Pipes manufacturing company in India, is proud to announce the commencement of 5 MW of captive green power utilization, sourced from its rooftop solar installation and open access agreements. This strategic move enhances the company's commitment to sustainability and reinforces its leadership in environmentally responsible manufacturing.

The initiative prominently features 3 MW sourced through Group Captive open access Solar Project, complemented by a newly established 1 MW rooftop solar plant at its Sanand Unit II Phase 1, enabling the company to harness renewable energy directly on-site. With this latest development, Hi-Tech Pipes' total solar power consumption has reached 13.5 MW, positioning the company to achieve significant reductions in energy costs while making notable strides toward its Environmental, Social, and Governance (ESG) objectives.

The Government of India has taken the mission for zero carbon emissions by 2070, with a target of reducing emissions by 30% to 35% by 2030. To achieve this mission, the government is promoting the generation of green power through solar and wind energy, along with other environmentally friendly measures. Hi-Tech Pipes is proud to align its initiatives with this national vision.

Commenting on the occasion, Mr. Ajay Kumar Bansal, Chairman of Hi-Tech Pipes Ltd, said, "We are thrilled to expand our green energy initiatives with the commencement of 5 MW of captive green power utilization. This advancement not only leads to significant savings in power costs but also demonstrates our ongoing commitment to sustainable practices and our responsibility to the environment.

By utilizing green power, Hi-Tech is reducing its reliance on non-renewable energy sources, thereby contributing to a cleaner and more sustainable future. This move is expected to yield significant financial benefits, allowing the company to invest further in innovative solutions and enhance operational efficiency.

As part of its comprehensive sustainability strategy, Hi-Tech is dedicated to exploring additional renewable energy solutions that align with its ESG goals, ensuring a positive impact on both the environment and the communities it serves."

Shares of Hi-Tech Pipes Limited was last trading in BSE at Rs. 192.95 as compared to the previous close of Rs. 193.50. The total number of shares traded during the day was 190443 in over 2750 trades.

The stock hit an intraday high of Rs. 193.75 and intraday low of 190.20. The net turnover during the day was Rs. 36585153.00.

Source : Equity Bulls

Keywords

HiTechPipes INE106T01017 5MW Captive GreenPower