Hariom Pipe Industries has informed that the company is replacing one of its two existing furnaces which has a production capacity of 12-ton with a new 15-ton induction melting furnace to enhance the production capacity. With the latest technology being used, there will be savings of about 10 lakh units of electricity per annum and will also reduce manpower costs. This will be funded through the proceeds of IPO (initial public offering). The cost of this expansion will be around INR 5.0 (Five) Crores and is in line with the objects set out in the company's Prospectus.
The above information is a part of company’s filings submitted to BSE.
