Telangana-based MPL Group signs MoU with Ministry of Steel, Govt of India under PLI to produce Speciality Steels in India
It is a moment of pride for Telangana as it is the only steel producer from Telangana qualified from the State of Telangana.
Hyderabad, March 17, 2023, Mahalakshmi Profiles Pvt Ltd (MPL Group), a Hyderabadi firm selected for signing a Memorandum of Understanding (MoU) under the PLI Scheme for Specialty Steel with the Ministry of Steel, Govt of India. Production Linked Incentive (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 today. The MoU was exchanged in the presence of Jyoti Aditya 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.
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.
Vinod Agarwal of MPL Group, expressed that it is a proud moment for 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 Production Linked Incentive (PLI) Scheme for Steel Producers to encourage them to produce Specialty steels in India.
Fitting to the requirements of the PLI Scheme, Mahalakshmi Profiles Pvt Ltd (MPL Group) has chalked out plans to invest an amount of Rs 260 Crores 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 year 2024-25 at its site near Kallakal village Manoharabad Mandal, Medak District, Telangana State.