Rama Steel Tubes has signed a memorandum of understanding with the Government of Uttar Pradesh for setting up of steel processing unit. The steel processing unit would be for MS Pipes, STP Poles, Gl Pipes, CR Coils, GP Coils, Colour Coated Coils.
Under this MOU, the proposed investment will be Rs 600 crore, which would be invested in a phased manner.
Commenting on the announcement, Richi Bansal, executive director, Rama Steel Tubes, 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, even 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 & pipes space.”