RMC Switchgears Ltd.'s subsidiary, Rajasthan RMC Green Energy Pvt Ltd., on Tuesday secured approval from the Rajasthan Renewable Energy Corporation to establish a 50-megawatt renewable energy park in Rajasthan under the Rajasthan Renewable Energy Policy 2023.
This marks RMC's entry into the solar park business, operating as a renewable independent power producer, the company said.
The power tech company also announced that it is actively pursuing additional tenders exceeding 600 megawatt peak and is engaging with both public and private sector entities to secure one gigawatt peak in engineering, procurement, and construction contracts over the next 18 months, according to its statement to the exchanges.
"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," the company said, adding, "Establishing our first 50 MW renewable energy park is a testament to our commitment to participating in strategic fossil energy substitution within India," said Ankit Agrawal, CEO and Whole-Time Director of RMC Switchgears.
Shares of the company closed 5% higher at Rs 893.25 per share, compared to a 0.47% advance in the BSE Sensex. The stock has risen 84.64% year-to-date and 47.46% over the past 12 months.
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