RMC Switchgears Secures ₹90 Crore LOA for 5,000 Solar Pumps in Maharashtra

RMC Switchgears Limited is pleased to announce that it has received a Letter of Acceptance (LOA) from a reputed system integrator for the supply, installation, and commissioning of 5,000 solar pumps in Maharashtra. Valued at ₹90 crore (excluding taxes), the LOA comprises 3HP, 5HP, and 7HP solar pump systems and is slated for completion in FY25-26.

Significance of the Order:

This order represents a pivotal achievement for RMC, reinforcing its role in India's transition to clean energy solutions. Maharashtra, under its ambitious clean energy push, has set a target of deploying 1.5 million solar pumps, backed by a ₹100 billion allocation to transform the agricultural sector. With over 100,000 solar pumps already installed, the state's programme reflects immense growth potential in the sector.

RMC's success in securing this order positions the company to play a key role in this enormous business opportunity, ensuring sustainable irrigation solutions for farmers while contributing to India's renewable energy goals. This project aligns with RMC's broader vision of expanding its Solar EPC and IPP footprint while strengthening its position as a significant player in India's renewable energy landscape. The company remains committed to leveraging its expertise and resources to deliver impactful, sustainable solutions that empower communities and support India's clean energy transition.

Strategic Alignment with RMC's Solar Module Manufacturing Plant:

The announcement follows RMC's recent decision to establish a state-of-the-art Solar Module Manufacturing Plant in Jaipur, Rajasthan, with an investment of ₹100 crore. This backward integration strategy is aimed at reducing reliance on external suppliers and supporting the growing demand for solar modules in large-scale projects such as this solar pump initiative.

Commenting on the development, Mr. Ankit Agrawal, CEO and Whole-Time Director of RMC Switchgears Limited, said: "This LOA is a significant milestone for RMC's Solar-based EPC business, showcasing our capabilities in delivering real-world solar solutions and aligning with Maharashtra's clean energy ambitions. It reinforces the strategic rationale behind our investment in solar module manufacturing, enabling us to efficiently execute projects and contribute to the nation's renewable energy objectives. As we continue to expand our portfolio, this project represents another step forward in achieving our 'Vision-2030' goals."

Shares of RMC Switchgears Ltd was last trading in BSE at Rs. 1104.45 as compared to the previous close of Rs. 1051.90. The total number of shares traded during the day was 25625 in over 133 trades.

The stock hit an intraday high of Rs. 1104.45 and intraday low of 1066.00. The net turnover during the day was Rs. 28039031.00.

Source : Equity Bulls

Keywords

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