Hariom Pipe Industries Limited (HPIL) has informed, pursuant to Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, that it has signed a Memorandum of Understanding (MoU) with the Government of Maharashtra on September 19, 2025. The MoU proposes the establishment of an Integrated Steel Plant in Gadchiroli, Maharashtra, with a planned investment of up to Rs 3,135 crore.
Under the MoU, the Government of Maharashtra will facilitate HPIL in obtaining fiscal incentives, approvals, registrations, and clearances from concerned departments in line with prevailing policies, rules, and regulations. HPIL has confirmed that there is no shareholding between the parties, no related-party connection to its promoters or group companies, and no issuance of shares or loans under the agreement.
The agreement does not grant special rights such as the appointment of directors, first right to share subscription, or restrictions on capital structure. No other disclosures, potential conflicts of interest, or nominee directors arise from this agreement. In case of any amendment or termination, the company will provide additional disclosures to the stock exchanges as required.