Rama Steel Tubes and UP Government Sign MOU for New Unit Key Points:
- Rama Steel Tubes Limited has signed a Memorandum of Understanding (MOU) with the Government of Uttar Pradesh for setting up a steel processing unit
- The unit will include MS Pipes, STP Poles, GI Pipes, CR Coils, GP Coils, and Colour Coated Coils
- The MOU is signed under the Invest U.P. Program of the U.P. Government, led by the Honorable Chief Minister of Uttar Pradesh, Sh. Yogi Adityanath Ji
- The proposed investment for the project is Rs. 600 Crores, to be invested in a phased manner
- The project will aid in achieving the vision of the Honorable Chief Minister, Sh. Yogi Adityanath Ji, to build a U.P. $1-Trillion economy
- The favorable business environment and special incentive packages offered by the U.P. government will help the company to strengthen its position in the steel tubes and pipes industry
- RSTL has a long-standing relationship with many State Corporations and this transaction will support the capacity expansion plan and strengthen their position in the steel tubes and pipes space.
Rama Steel Tubes Limited (NSE: RAMASTEEL) has taken a step towards the “Make in India” and “Aatmnirbhar Bharat” initiative of the Government of India by signing a Memorandum of Understanding (MOU) with the Government of Uttar Pradesh. The MOU is for the setting up of a steel processing unit, which will include MS Pipes, STP Poles, GI Pipes, CR Coils, GP Coils, and Colour Coated Coils. This MOU is signed under the Invest U.P. Program of the U.P. Government, led by the Honorable Chief Minister of Uttar Pradesh, Sh. Yogi Adityanath Ji.
Under this MOU, the proposed investment will be Rs. 600 Crores, to be invested in a phased manner. This proposed project will aid in achieving the vision of the Honorable Chief Minister, Sh. Yogi Adityanath Ji, to build a U.P. $1-Trillion economy. Additionally, the favorable business environment and special incentive packages offered by the U.P. government will help the company to strengthen its position in the steel tubes and pipes industry.
Commenting on the announcement, Mr. Richi Bansal, Executive Director of Rama Steel Tubes Limited, said, “We are proud to announce that the company has received a mega project. Our sustained relation and credibility have yet again fructified in bagging us a new prestigious mega project. RSTL has been associated with many State Corporations in the past, and we celebrate our long-standing relationship with them. This transaction will support the capacity expansion plan and strengthen our position in the steel tubes and pipes space.”
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