Hi-Tech Pipes Expands Green Energy Initiatives By This Strategic Move

One of the major producers of steel tubes and pipes in India, Hi-Tech Pipes Limited, is pleased to announce the commencement of its 5 MW captive green power utilization, which is derived via open access agreements and rooftop solar installations. This strategic action solidifies the company's leadership in ecologically conscious production and strengthens its dedication to sustainability.

With the help of a recently constructed 1 MW rooftop solar plant at its Sanand Unit II Phase 1 facility, the project notably incorporates 3 MW acquired through Group Captive open access Solar Project, allowing the firm to directly utilise renewable energy on-site. Hi-Tech Pipes' total solar power usage has now reached 13.5 MW thanks to this most recent achievement, putting the company in a position to significantly reduce energy costs and make noteworthy progress towards its Environmental, Social, and Governance (ESG) goals.

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," he said.

"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," Ajay Kumar Bansal further added.

Leading institutional investors oversubscribed the Rs 5,000 million Qualified Institutional Placement (QIP), which Hi-Tech Pipes Limited successfully closed on October 11, 2024. With its October 7, 2024, opening and October 11, 2024 closing, the QIP attracted bids of over Rs 8,000 million. The QIP attracted leading domestic institutions like Motilal Oswal Fund, Bandhan Mutual Fund, Bank of India Mutual Fund, JM Financial Mutual Fund, LIC Mutual Fund, WhiteOak Mutual Fund and SBI General Insurance. In addition, eminent international institutions took part in the QIP.

Under QIP, the company issued 26,996,734 new equity shares at a price of Rs 185.50 each. For the QIP, Pantomath Capital Advisors Private Limited served as the sole lead manager.

One of the top steel processing companies in India, offering top-notch, cutting-edge products for almost 40 years. It specialises 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 wide range of other galvanised products. With a total installed capacity of 7,50,000 MTPA, the company operates six (6) cutting-edge integrated manufacturing facilities in Sikandrabad (UP), Sanand (Gujarat), Hindupur (AP) - close to Bangalore, and Khopoli (Maharashtra). The company is on track to reach one million tonnes of capacity in FY25.