Hariom Pipe Industries (HPIL) has signed a memorandum of understanding (MoU) with the Government of Maharashtra to establish an integrated steel plant in Gadchiroli district.

The proposed project involves an investment of Rs 31.35 billion. The state government will provide fiscal incentives and assist in obtaining all necessary approvals, registrations, and clearances under existing policies. HPIL clarified that the MoU does not involve any shareholding, related-party transactions, or issuance of shares. It is strictly limited to the proposed plant, with no special rights granted to the state.

Hariom Pipe Industries specialises in the manufacture of high-quality steel products.

The company’s consolidated net profit rose 34.8 per cent to Rs 236 million on a 34.3 per cent increase in revenue from operations to Rs 4.61 billion in Q1 FY26 compared with Q1 FY25.