Maruti Ispat to invest Rs 2,000 cr to expand steel plant
Maruti Ispat plans Rs 2,000 crore expansion in Andhra Pradesh, new plants in UP and Odisha, and to go public by 2025-26
By : Dinesh Macharla
Update: 2024-06-25 12:40 GMT
Hyderabad: Hyderabad-based Maruti Ispat and Pipes Pvt Ltd (MIPPL) on Tuesday said it has plans to invest Rs 2,000 crore to expand its steel plant in Mantralayam in Andhra Pradesh. It also plans to diversify its business in other sectors like railways, defence in five years.
The company has launched new electric resistance welded steel pipes under the brand ‘MS Vayu’ in Hyderabad.
MIPPL also plans to go public in 2025-26. The company also plans to set up new steel manufacturing facilities in Ghaziabad, Uttar Pradesh, and in Odisha or Chhattisgarh states.
It will add six lakh metric tonne capacity in new plants and add 10,000 employees over the five years, the company said.
"We want to strengthen our position in the steel industry and increase our market presence by providing quality products. We are pursuing acquisition opportunities,” said Abhishek Agarwal, chief executive officer, MIPPL.
The company has plans to launch new product lines of galvanised pipes and galvanised hot dip iron and galvalume pipes, he added.
The company has launched new electric resistance welded steel pipes under the brand ‘MS Vayu’ in Hyderabad.
MIPPL also plans to go public in 2025-26. The company also plans to set up new steel manufacturing facilities in Ghaziabad, Uttar Pradesh, and in Odisha or Chhattisgarh states.
It will add six lakh metric tonne capacity in new plants and add 10,000 employees over the five years, the company said.
"We want to strengthen our position in the steel industry and increase our market presence by providing quality products. We are pursuing acquisition opportunities,” said Abhishek Agarwal, chief executive officer, MIPPL.
The company has plans to launch new product lines of galvanised pipes and galvanised hot dip iron and galvalume pipes, he added.