Telangana: MPL group signs MoU with Centre for speciality steel production
Telangana-based MPL Group signs MoU with union government to produce Speciality Steels in India.
Hyderabad: Mahalakshmi Profiles Pvt Ltd (MPL Group), a Hyderabadi-based firm has signed an MoU under PLI scheme for Specialty Steel production, with the Ministry of Steel. The MoU was signed and exchanged in the presence of Civil Aviation ministe Jyotiraditya Scindia and Steel Minister Faggan Singh Kulaste in Delhi on Saturday by the company MD Vinod Kumar Agarwal and CEO Hitesh Kumar Agarwal.
Speaking on the occaison, Vinod Agarwal said the project would provide impetus to speciality steel manufacturing in the country while replacing expensive imports. The National Steel Policy of the Government of India aimed at achieving 300 million tonnes (MT) of crude steel making capacity by 2030-31. To meet this target the Centre devised a Production Linked Incentive (PLI) scheme for steel producers to encourage them to produce specialty steels.
The MPL group has plans to invest Rs 260 crore to produce coated / plated products of metallic and non-metallic alloys, with a capacity of 2.5 lakh tonnes per annum by commissioning its new mega project in 2024-25 at Kallakal village in Manoharabad mandal of Medak district.
