Hariom Pipe signs MoU with Maharashtra govt to set up ₹3,135 cr plant

Hariom Pipe Industries Limited (HPIL) on Friday said it has signed a memorandum of understanding (MoU) with the Government of Maharashtra to set up an integrated steel plant in Gadchiroli district.

The proposed investment in the project is pegged at ₹3,135 crore. According to the disclosure, the state government will support the company by facilitating fiscal incentives and helping secure necessary approvals, registrations and clearances in line with existing policies and regulations.

The agreement does not involve any shareholding, related party transaction or issuance of shares. HPIL confirmed the MoU is strictly for the proposed plant and that no special rights such as director appointments or capital structure restrictions have been granted to the state.

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Shares of Hariom Pipe Industries ended 2.68% higher at ₹555 on the NSE after hitting an intraday high of ₹561.15.