The new entity will be named, Hariom Renewable or any other name as may be approved by Ministry of Corporate Affairs. The incorporation of proposed wholly owned subsidiary (WOS) will take approximately 10 to 20 days, subject to requisite approvals.
The incorporation of the proposed wholly owned subsidiary aligns with the company's strategic goal of expanding its existing business.
Meanwhile, the company’s board also approved a modification to the procedure for acquiring Ultra Pipes' operating assets, opting for 40-year lease agreement instead of an outright purchase. This change optimizes cost efficiency, ensures regulatory compliance, and enhances profitability while maintaining long-term operational stability.
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.