Hariom Pipe To Set Up Rs 3,135 Crore Steel Plant In Maharashtra

Hariom Pipe Industries has signed a memorandum of understanding with the Maharashtra Government to set up an integrated steel plan in Maharashtra. The company has proposed to invest Rs 3,135 crore to set up the facility in Gadchiroli, Maharashtra.

The government of Maharashtra has said it will facilitate the company in providing fiscal invectives and obtaining the necessary permission, registrations, approvals and clearances from concerned departments as per existing policies, rules and regulations, it said in an exchange filing on Friday.

Hariom Pipe Industries' Shift In Production

The company has recently shifted to producing specialised galvanised products to accelerate sales and improve margins, among other things. It also expects specialised, cold-rolled galvanised products to represent 55% of its total production capacity in this fiscal.

“We have begun producing specialised, cold-rolled, and galvanised coils. This is in addition to regular consumer-orientated galvanised pipes, targeting high-value segments such as engineering, automobile, packaging and electrical industries,” said Hariom Pipe Industries Managing Director, Rupesh Kumar Gupta in an interview with NDTV Profit.

Hariom Pipe Industries is confident of scaling the production capacity of these items, the top executive mentioned.

The reason why the company has shifted its focus to manufacturing galvanised products is because they have shown growth potential even during a softer market environment, the Hariom Pipe Industries MD mentioned.

Value-added products such as machinery components, packing strips, and materials for the fan industry are expected to drive the company's revenue growth, Gupta stated.

Hariom Pipe Share Price Today

The business update was shared after market hours. The stock settled 1.79% higher at Rs 550.15 apiece on the NSE, compared to a 0.38% decline in the benchmark Nifty 50. The shares had earlier during the day risen as much as 3.82% to Rs 561.15 per share.

Hariom Pipes shares have fallen 23.88% in the last 12 months and risen 10.26% year-to-date.

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