Hi-Tech Pipes Limited to invest Rs 510cr in new UP manufacturing facility

Hi-Tech Pipes Limited said that it will invest INR 510 crores to set up a manufacturing facility for steel tubes and pipes and flat steel processing in Uttar Pradesh (UP).

In this regard, the Indian steel processing company has signed a memorandum of understanding (MOU) with the Uttar Pradesh government under the Invest U.P. program.

The investment will be made in a phased manner, said Hi-Tech Pipes Limited, which expects the favorable business environment as well as the special incentive packages provided by the Uttar Pradesh government to additionally help it cement its position in the steel tubes and pipes and flat steel processing industry.

Hi-Tech Pipes Limited to invest Rs 510cr in new manufacturing facility in Uttar Pradesh. Photo courtesy of EMMMMMiller from Pixabay.

Ajay Kumar Bansal — Hi-Tech Pipes Limited Managing Director 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.”