RMC Switchgears hits life high on nod to set up 50 MW renewable energy park in Rajasthan

The arm will set up the 50 MW renewable energy park under the Rajasthan Renewable Energy Policy 2023.

The company said that this milestone further cements the parent company's entry into the Solar Park business, operating as a renewable IPP (Independent Power Producer).

RMC is actively pursuing additional tenders exceeding 600 MWp and is engaging with both public and private sector entities to achieve the ambitious goal of securing 1 GWp in EPC contracts over the next 18 months, it added.

By collaborating with installation and commissioning experts across multiple states and leveraging their in-house team of skilled designers and supervisors, RMC is positioning itself at the forefront of the green energy revolution.

'This strategic initiative not only reinforces RMC Switchgears role in advancing renewable energy but also contributes significantly to India's climate action commitments under the Paris Agreement. With a dedicated Business Development unit continuously seeking new opportunities, RMC's efforts in the renewable sector are aligned with India's goal of achieving 450 GW of renewable energy capacity by 2030,' the company stated in the press release.

The company's expansion into solar projects helps reduce carbon emissions, foster economic growth, and create green jobs, thereby positioning India as a global leader in renewable energy technologies. This initiative underscores RMC's commitment to innovation and sustainability, highlighting its role in helping India meet its environmental targets, added the firm.

Ankit Agrawal, CEO and whole-time director of RMC Switchgears, said, This approval marks a pivotal step in our journey as we transition into a renewable energy company, with solar plants as IPPs and EPC contracts for solar as our primary focus. Establishing its first 50 MW Renewable Energy Park is a testament to our commitment to participating in the strategic fossil energy substitution within India.'

RMC Switchgears is primarily engaged in the business of `Switchgear Engineering', `ECI contracts for power distribution/ transmission sector'.

The company's consolidated net profit jumped 21.96% to Rs 6.83 crore on 26.73% rise in revenue from operations to Rs 85.21 crore in Q4 FY24 over Q4 FY23.

The counter hit an all-time high of Rs 937.90 in today's session.