Hariom Pipe Industries Signs MoU with Maharashtra Govt for ₹3,135 Crore Steel Plant

22 Sep 2025 , 12:19 PM

Hariom Pipe Industries Limited (HPIL) has signed a memorandum of understanding (MoU) with the Maharashtra government to set up a new integrated steel plant in Gadchiroli district.

The company said the project will involve an investment of about ₹3,135 crore. This will be channelled into building the plant and supporting infrastructure. The state government, under the agreement, will extend fiscal incentives and assist HPIL in obtaining the required approvals and clearances through existing industrial policies.

Clarifying the terms of the MoU, HPIL noted that it does not involve any equity stake, related party transactions, or share issuances. The company also confirmed that the state has not been granted any special rights, such as the ability to appoint directors or alter the company’s capital structure.

The agreement, HPIL said, is focused solely on the proposed plant, which is expected to enhance its manufacturing base and contribute to the region’s economic development.

For feedback and suggestions, write to us at [e-mail]