Hi-Tech will supply ERW steel pipes from its new manufacturing facility located in Sanand, Gujarat over the next three months. The pipes will be used for wind farms, solar installations and other green energy projects.
Aug 23, 2024
Hi-Tech Pipes has bagged orders worth INR 105 crore for supply of electric resistance welded (ERW) steel pipes from customers in the renewable energy sector.
The steel tubes and pipes manufacturer said in a statement that the supply orders would be executed from its new manufacturing facility located in Sanand, Gujarat over the next three months.
The ERW steel pipes would be used for wind farms, solar installations and other green energy projects.
The statement further said that Hi-Tech Pipes was ‘thrilled’ to be chosen as a preferred supplier of ERW Steel pipes for such a pivotal sector. These contracts not only demonstrated the confidence placed by its clients in the company, but also highlighted its role in advancing renewable energy infrastructure, it added.
The company said in another statement that its board has approved a plan to raise up to INR 600 crore through equity issues.
The fundraising plan has been approved by way of issue of equity shares or any other equity-linked instruments or securities; by way of a composite issue of non-convertible debentures and warrants; or any other eligible securities, for an aggregate amount not exceeding INR 600 crore, said the statement.
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The proposal remained subject to necessary approvals, it added.
Hi-Tech Pipes owns and operates six integrated manufacturing facilities having a combined installed capacity of 7,50,000 metric tonnes per annum.
