On Tuesday, Hi-Tech Pipes announced that it has secured orders totaling Rs 105 crore for the supply of electric resistance welded (ERW) steel pipes from prominent clients within the renewable energy sector. The company further revealed its intention to raise up to Rs 600 crore through the issuance of equity shares. These new orders will be fulfilled by the company’s newly established manufacturing facility located in Sanand, Gujarat, over the upcoming three months.
The Rs 105 crore worth of orders will involve the delivery of ERW steel pipes for various applications in the renewable energy sector. Specifically, these pipes will be utilized in projects such as wind farms, solar power installations, and other green energy initiatives, as detailed in the company’s statement.
In an additional announcement, Hi-Tech Pipes disclosed that its board has given the green light for a fundraising plan aimed at raising up to Rs 600 crore. This capital will be raised through the issuance of equity shares, equity-linked instruments, or other eligible securities. The plan includes the potential issuance of a composite package of non-convertible debentures and warrants. However, the proposal is still subject to obtaining the necessary approvals.
Hi-Tech Pipes currently operates six integrated manufacturing facilities with a combined annual installed capacity of 750,000 metric tonnes. This expansion and fundraising initiative are part of the company’s broader strategy to support its growth and enhance its capabilities in the renewable energy sector.
Hi-Tech Pipes is a leading manufacturer of steel pipes and tubes, specializing in electric resistance welded (ERW) and other high-quality steel products. With six integrated manufacturing facilities and a combined annual capacity of 750,000 metric tonnes, the company serves diverse sectors including construction, infrastructure, and renewable energy.
Hi-Tech Pipes is renowned for its commitment to innovation, quality, and sustainability. The company’s extensive product range supports various applications, from industrial and commercial projects to green energy solutions. Driven by technological advancements and a focus on customer satisfaction, Hi-Tech Pipes continues to strengthen its position in the steel industry.
