Sunday, Mar 3 2024 | Time 13:38 Hrs(IST)
Business Economy

MPL Group signs MoU with Ministry of Steel to produce Specialty Steels in India

Hyderabad, Mar 18 (UNI) City-based Firm Mahalakshmi Profiles Private Limited (MPL Group) has signed a Memorandum of Understanding (MoU) with the Union Ministry of Steel under the Production Linked Incentive (PLI) Scheme to produce Specialty Steels in the country.

PLI is an initiative of the Government of India for Steel Producers to encourage them to produce Specialty steels in India.

The ceremonial function for the exchange of MoU with companies selected under the PLI Scheme for Specialty Steel was held in Vigyan Bhawan, New Delhi on Saturday.

The MoU was exchanged in the presence of Jyotiraditya Scindia, Union Minister of Civil Aviation and Steel and Minister of State (MoS) for Steel Faggan Singh Kulaste and other officials of the steel Ministry, a release here said.

Vinod Kumar Agarwal, Managing Director and Hitesh Kumar Agarwal (CEO) were present on behalf of the MPL Group and exchanged the MoU with the Minister.

Speaking on the occasion, Vinod Agarwal expressed that it is a proud moment for the MPL group to be representing the state of Telangana at the PLI scheme for the steel sector. The project will also give impetus to speciality steel manufacturing in the country replacing expensive imports.

The National Steel Policy of the Government of India (GOI) aims at achieving 300 Million Tonnes (MT) of Crude Steel making capacity by the year 2030-31. To meet this target the Government of India has devised a unique PLI Scheme for Steel Producers to encourage them to produce Specialty steels in India.

Fitting to the requirements of the PLI Scheme, MPL Group has chalked out plans to invest an amount of Rs 260 crore to produce Coated / Plated products of Metallic and Non-metallic alloys, with a capacity of 250,000 tonnes per annum by commissioning its new mega project in the financial year 2024-25 at its site near Kallakal village in Medak District of the state, the release added.
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