The company further informed that this long-term loan was availed from HDFC Bank in 2019 for part fund the acquisition of United Seamless Tubulaar. The aforesaid loan was repayable over a period of 10 years.

Maharashtra Seamless (MSL) manufactures seamless pipes & tubes with the finest quality and wide product range using the world renowned CPE technology. MSL made a foray in the ERW pipe category and also started coated facility. The company has also diversified into renewable power generation and rig operations.

The company's consolidated net profit jumped 59.91% to Rs 153.23 crore on a 93.25% increase in sales to Rs 1,334.37 crore in Q1 FY23 over Q1 FY22.

The scrip rose 0.06% to currently trade at Rs 814.65 on the BSE.