Hariom Pipe Industries Limited has announced the signing of a Memorandum of Understanding (MoU) with the Government of Maharashtra on September 19, 2025. The agreement involves setting up a large-scale integrated steel plant in Gadchiroli, Maharashtra, with a proposed investment of ₹3,135 crore.
The MoU has been signed between Hariom Pipe Industries and the Government of Maharashtra for establishing an integrated steel plant in Gadchiroli. The company aims to expand its capacity and strengthen its presence in the steel industry. The Government will extend assistance in terms of fiscal incentives, permissions, registrations, approvals, and clearances under existing policies.
The company has proposed an investment of ₹3,135 crore for the project. The primary purpose is to establish a state-of-the-art steel facility to support domestic manufacturing and contribute to the state’s industrial development. The proposed plant is expected to enhance production capabilities and aid in long-term growth.
The Government of Maharashtra will facilitate Hariom Pipe Industries with fiscal support, including access to necessary approvals. The MoU does not involve equity participation or any related party transaction. No shareholding links exist between the parties under this agreement.
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The transaction does not qualify as a related party arrangement, and it is executed on an independent basis. Further, there is no issuance of shares, loans, or nominee appointments linked to this MoU. The arrangement is directed solely towards the creation of a large-scale integrated steel facility in Maharashtra.
On September 19, 2025, Hariom Pipe Industries share price opened at ₹541.95 on NSE, above the previous close of ₹540.50. During the day, it surged to ₹561.15 and dipped to ₹535.90. The stock closed at ₹550.15 by the end of the day. The stock registered a moderate gain of 1.79%.
Over the past week, it has moved up by 4.10%, over the past month, it has moved up by 12.14%, and over the past 3 months, it has moved up by 42.88%.
Hariom Pipe Industries’ MoU with the Government of Maharashtra marks a significant step towards the establishment of a ₹3,135 crore integrated steel plant in Gadchiroli. With strong facilitation by the state, the project is set to support industrial growth and strengthen the company’s footprint in the steel sector.
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Published on: Sep 20, 2025, 2:10 PM IST
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