HPIL signs MoU with Maharashtra for Rs 3,135-cr steel plant

Hariom Pipe Industries (HPIL) 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 project entails an investment of Rs 3,135 crore. The state government will provide fiscal incentives and assist in securing necessary approvals, registrations, and clearances under existing policies.

The MoU does not involve any shareholding, related-party transactions, or issuance of shares. HPIL confirmed it is strictly for the proposed plant, with no special rights granted to the state.

Hariom Pipe Industries is a manufacturer of high-quality steel products.

The companys consolidated net profit jumped 34.8% to Rs 23.60 crore on a 34.3% increase in revenue from operations to Rs 460.96 crore in Q1 FY26 over Q1 FY25.

Shares of Hariom Pipe Industries fell 1.32% to Rs 543.95 on the BSE.

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