Hi-Tech Pipes Ltd (NSE: HITECH, BSE: 543411) a leading Steel Tubes and Pipes manufacturing company in India, has announced the commencement of 5 MW of captive green power utilization, sourced from its rooftop solar installation and open access agreements. This strategic move enhances the company’s commitment to sustainability and reinforces its leadership in environmentally responsible manufacturing.
The Government of India has taken the mission for zero carbon emissions by 2070, with a target of reducing emissions by 30% to 35% by 2030. To achieve this mission, the government is promoting the generation of green power through solar and wind energy, along with other environmentally friendly measures. Hi-Tech Pipes is proud to align its initiatives with this national vision.
Commenting on the occasion, Mr. Ajay Kumar Bansal, Chairman of Hi-Tech Pipes Ltd, said, “We are thrilled to expand our green energy initiatives with the commencement of 5 MW of captive green power utilization. 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.
By utilizing green power, Hi-Tech is reducing its reliance on non-renewable energy sources, thereby contributing to a cleaner and more sustainable future. This move is expected to yield significant financial benefits, allowing the company to invest further in innovative solutions and enhance operational efficiency.
As part of its comprehensive sustainability strategy, Hi-Tech is dedicated to exploring additional renewable energy solutions that align with its ESG goals, ensuring a positive impact on both the environment and the communities it serves.”
Recently, the company announced successful closure of INR 5,000 Million Qualified Institutional Placement (QIP), with oversubscription by marquee institutional investors. The QIP, which opened on October 7, 2024 (post market hours) and closed on October 11, 2024, received bids of over INR 8,000 Million. The overwhelming response from marquee qualified institutional investors, demonstrates strong confidence on the Company’s growth prospects.
The QIP attracted leading domestic institutions like Motilal Oswal Fund, Bandhan Mutual Fund, Bank of India Mutual Fund, JM Financial Mutual Fund, LIC Mututal Fund, White Oak Mutual Fund, SBI General Insurance. Besides, prominent global institutions BOFA Securities Europe SA, Societe Generale – ODI, Intuitive Alpha Investment Fund, amongst others also participated in the QIP.
Hi-Tech Pipes Ltd. is one of India’s leading steel processing companies, providing world class innovative products for nearly Four decades with a strong presence in steel pipes, hollow sections, tubes, Solar Torque Tubes, cold rolled coils & strips, road crash barriers, solar mounting structures, GP/GC Sheets, Color Coated Coils and a variety of other galvanised products. The Company operates Six (6) state-of-the-art integrated manufacturing facilities located at Sikandrabad (UP), Sanand (Gujarat), Hindupur (AP)
– near Bangalore, and Khopoli (Maharashtra), with an installed capacity of 7,50,000 MTPA, on a consolidated basis and is on its way to reach 1million Tones Capacity in FY25. The Company has direct marketing presence in over 20 states with more than 450+ Dealers & distributors across India