The Ministry of Corporate Affairs, Government of India, issued the Certificate of Incorporation on the same day.
The incorporation of the proposed wholly owned subsidiary aligns with the company's strategic objective of expanding its business. The initial share capital at the time of incorporation is set to be issued at face value, with an authorized share capital of Rs 10,00,000. HPIL holds 100% of the share capital in HPEPL, with the entire subscription being made in cash.
While HPEPL is a wholly owned subsidiary of HPIL, it is also classified as a related party. The company clarified that HPEPL has not yet commenced its business operations.
Hariom Pipe Industries is a premium manufacturer of iron and steel products, catering to diverse industrial needs across multiple sectors.
The company reported consolidated net profit of Rs 11.23 crore in Q3 FY25, up 14.48%, compared with Rs 9.81 crore in Q3 FY24. Revenue from operations advanced 7.1% YoY to Rs 299.88 crore in Q3 FY25.