Hariom Pipe to build integrated steel plant in Maharashtra

Hariom Pipe Industries Limited (HPIL) announced today that it has signed a Memorandum of Understanding (MOU) with the Government of Maharashtra to develop an integrated steel plant in Gadchiroli. The agreement, executed on September 19, 2025, outlines HPIL's proposed investment of up to INR 3,135 crores for the project.

Under the terms of the MOU, the Government of Maharashtra will provide support to HPIL by facilitating fiscal incentives and assisting with necessary permissions, registrations, approvals, and clearances from various departments, in line with existing policies and regulations.

The announcement did not disclose any shareholding by the Government of Maharashtra in HPIL, nor does the transaction constitute a related party transaction. The agreement does not involve the issuance of shares to the government or any loan agreements.