Hi-Tech Pipes Limited has announced the launch of 5 MW of captive green power utilization, derived from open access agreements and rooftop solar installations. This strategic initiative emphasizes the company’s leadership in environmentally friendly production and reinforces its commitment to sustainability. The new project includes a recently constructed 1 MW rooftop solar plant at its Sanand Unit II Phase 1 facility, complemented by 3 MW sourced from a Group Captive access Solar Project, allowing the company to utilize renewable energy directly on-site. With this development, Hi-Tech Pipes’ total solar power capacity has increased to 13.5 MW, positioning the company to significantly reduce energy costs and advance its Environmental, Social, and Governance (ESG) objectives.
Mr. Ajay Kumar Bansal, Chairman of Hi-Tech Pipes Ltd, expressed enthusiasm about the expansion of their green energy initiatives. He noted, “This advancement not only leads to significant savings in power costs but also demonstrates our ongoing commitment to sustainable practices and our responsibility to the environment.” He emphasized that by utilizing green power, Hi-Tech is decreasing its reliance on non-renewable energy sources, contributing to a cleaner and more sustainable future. This initiative is expected to generate considerable financial benefits, allowing the company to invest further in innovative solutions and enhance operational efficiency. Bansal added that Hi-Tech is dedicated to exploring additional renewable energy options that align with its ESG goals, ensuring a positive impact on both the environment and the communities it serves.
In addition to its green initiatives, Hi-Tech Pipes successfully completed a Rs 5,000 million Qualified Institutional Placement (QIP) on October 11, 2024. The QIP, which opened on October 7 and attracted bids of over Rs 8,000 million, drew interest from leading domestic institutions like Motilal Oswal Fund, Bandhan Mutual Fund, and LIC Mutual Fund, as well as notable international investors. The company issued 26,996,734 new equity shares at a price of Rs 185.50 each, with Pantomath Capital Advisors Private Limited serving as the sole lead manager for the offering.
As one of India’s top steel processing companies, Hi-Tech Pipes has been providing high-quality, innovative products for nearly 40 years. It specializes in solar torque tubes, hollow sections, steel pipes, cold rolled coils and strips, road crash barriers, solar mounting structures, GP/GC sheets, color-coated coils, and a variety of other galvanized products. Operating six cutting-edge integrated manufacturing facilities in Sikandrabad (UP), Sanand (Gujarat), Hindupur (AP), and Khopoli (Maharashtra), the company has a total installed capacity of 750,000 MTPA and is on track to achieve one million tonnes of capacity in FY25.
Disclaimer: This document is for informational purposes only and does not constitute financial, investment, or professional advice. Hi-Tech Pipes Limited and its affiliates are not responsible for any losses or damages resulting from the use of this information. Readers are encouraged to conduct their own research and consult with financial advisors before making any investment decisions. The statements made regarding future performance are based on current expectations and are subject to risks and uncertainties.
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