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Hariom Pipe Industries Ltd (HPIL) has signed a Memorandum of Understanding (MoU) with the Government of Maharashtra to establish an integrated steel plant in Gadchiroli district with an investment of ₹3,135 crore.
As part of the agreement, the state government will provide fiscal incentives and facilitate necessary approvals, registrations, and clearances under existing policies. Officials clarified that the MoU applies only to the new project and does not involve any equity issuance, shareholding, or related-party transactions.
HPIL, known for manufacturing high-quality steel products, recently reported a 34.8% increase in net profit at ₹23.60 crore, alongside a 34.3% rise in revenue to ₹460.96 crore in Q1 FY26 compared to the same period last year.
The proposed investment in Gadchiroli is expected to strengthen Maharashtra’s steel sector and generate significant employment opportunities in the region.
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