RMC Switchgears was locked in upper circuit of 5% at Rs 769.10 after the firm has signed an memorandum of understanding (MoU) with the Govt of Rajasthan to establish state's first 1,000 MW Ultra Mega Solar Park with integrated battery storage.
This groundbreaking project, located in Jaipur, marks a major milestone in the companys strategic expansion into renewable energy and will be pivotal in achieving the companys growth objectives.This 2-3 year project will help RMC achieve its target of approximately 1 GW of greenfield energy projects, combining EPC and IPP arrangements, while also contributing to its Vision 2030 goal of becoming a Rs 5,000 crore enterprise.
The solar park will not only impact RMC's growth but is also expected to transform the local economy, creating around 2,000 direct jobs and promoting socio-economic development in Rajasthan. The government of Rajasthan has committed to fast-tracking the required approvals, with power generation anticipated to begin by 2026.
Ankit Agrawal, CEO and whole-time director of RMC Switchgears, said, This Ultra Mega Solar Park project is a pivotal development for RMC, underscoring our commitment to Indias transition to greener and more sustainable energy sources. Beyond its environmental impact, the project will generate substantial employment opportunities, supporting economic growth. We are grateful to the Government of Rajasthan for their support and are excited to contribute to a cleaner, more sustainable future while fostering positive change in local communities.
RMC Switchgears is primarily engaged in the business of 'Switchgear Engineering, 'ECI contracts for power distribution/ transmission sector.
The company reported standalone net profit of Rs 9.38 crore in H1 FY24 as against Rs 6.14 crore posted in H1 FY23. Net sales stood at Rs 87.42 crore in H1 FY24, up 50.6% year on year.
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The company has current market capitalisation of Rs 792.81 crore on the BSE.
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