RMC Switchgears hits 5% upper circuit as subsidiary secures 50 MW renewable energy project

RMC is currently pursuing additional tenders exceeding 600 MWp.

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Shares of RMC Switchgears were stuck in a 5 percent upper circuit limit at Rs 937.90 on the BSE after its subsidiary RMC Green Energy received approval from the Rajasthan Renewable Energy Corporation to establish a 50 MW renewable energy park in Rajasthan.

This strategic initiative enhances RMC's role in advancing renewable energy as well as contributes significantly to India's climate action commitments under the Paris Agreement, the company said in an exchange filing released by the company on August 20.

August 21 marked the fourth session of gain for RMC Switchgears. The stock has gained 75 percent in the past six months.

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RMC is currently pursuing additional tenders exceeding 600 MWp. With a clear goal of securing 1 GWp in EPC contracts over the next 18 months, the company is actively engaging with both public and private sector entities.

As part of India's goal to achieve 450 GW of renewable energy capacity by 2030, RMC's expansion into solar projects will reduce carbon emissions, foster economic growth, and create green jobs.

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"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," said Ankit Agrawal, CEO and Whole-Time Director of RMC.

The Jaipur-based power technology company specialises in combating electrical theft and preventing electrocution accidents, crafting meticulously designed solutions for utilities and DISCOMs across India.

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