India’s Maruti Ispat & Pipes Pvt. Ltd., a manufacturer of steel pipes and tubes, will invest an estimated $24 million to expand its existing mill in the southern state of Andhra Pradesh, company sources said on Wednesday, June 26.
They said that the new investment create additional capacity for production of 600,000 mt per year of electric resistant welded (ERW) steel pipes.
The company is also planning to raise fresh funds from a public issue of shares to fund new steel mills in northern India and Odisha in the east for production of galvanised pipes and galvanised hot dip iron and galvalume pipes.
Correction: In this article, the name of Maruti Ispat & Pipes Pvt. Ltd., was initiallly written mistakenly as Maruti Steel Limited (MSL). We corrected the error and apologize for any inconvenience caused.