PNN
Mumbai (Maharashtra) [India], December 9: In a significant development in its solar power initiative, Rhetan TMT Limited, a leading name in steel manufacturing, has identified a site in Banaskantha for setting up its 2 MW solar power project. The company is set to enter into a lease deed for land in Banaskantha's Un village for the project, aimed at powering its factory at Kadi in Mehsana.
This development follows a strategic decision to shift the project site from Aravalli district due to unforeseen challenges with the lessors. The company has already placed an order for plant installation and has received provisional approval from the Gujarat Energy Development Agency (GEDA). Moreover, an application for connectivity approval was submitted to Gujarat Energy Transmission Corporation (GETCO) on December 6, with approval anticipated by mid-January.
Highlights:
* At Rs21.70, the stock has grown by an impressive 178% in just over a year
* Announces plans to establish a 2 MW solar power plant at a newly leased site in Banaskatha, Gujarat.
* GETCO approval expected by mid-January 2025
* project completion anticipated by April-May 2025
The solar power plant, projected to be operational by April-May 2025, underscores Rhetan TMT's commitment to sustainable energy solutions. Once completed, the plant will significantly reduce energy costs and advance the company's carbon footprint reduction goals.
Commenting on the development, Shalin Shah, Managing Director of Rhetan TMT Limited, said, "This solar power project represents a huge step in our journey toward sustainable growth. Despite the initial challenges, the new lease arrangement aligns well with our project timelines and strategic objectives. The project underscores our dedication to reducing energy costs and transitioning towards cleaner energy solutions to power our factory. We are committed to aligning our operations with sustainability and innovation."
With our four decades of expertise in the manufacturing and trading of steel products, Rhetan TMT successfully raised capital through its IPO in 2022 to fund its growth plans. It expanded capacity at the Kadi factory from 30,000 metric tonnes per annum to 45,000 mtpa by installing a fully mechanised rolling mill with a capacity of 100-120 metric tonnes per day. Its flagship products, Thermo-Mechanically Treated (TMT) bars, are renowned for their superior strength, ductility, and weldability. The company also produces high-quality mild steel round bars extensively used in various industries.
About Rhetan TMT
Founded in 1984, Rhetan TMT Ltd has become a trusted name in the steel manufacturing industry. The company specializes in Thermo-Mechanically Treated (TMT) bars and mild steel round bars, which are widely used in construction and engineering. Known for their strength, durability, and adherence to ISI standards, Rhetan TMT products are essential for building homes, bridges, dams, and high-rise structures.
Headquartered in Gujarat, Rhetan TMT operates a fully mechanized rolling mill with a production capacity of 45,000 MT per annum, reflecting its commitment to innovation and operational excellence.
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