RMC Switchgears to Set Up 1 GWp Solar Module Plant in Rajasthan
Jaipur-based RMC Switchgears plans to establish a 1 GW solar module manufacturing plant and module mounting structure facility in Rajasthan, with an INR 100 crore investment, as part of its strategic backward integration to strengthen its solar EPC and IPP capabilities.
December 16, 2024. By Mrinmoy Dey
The new facility will be located on land adjoining the company’s current operational plant, ensuring seamless integration and operational efficiency. “The project's CAPEX will be financed through a prudent mix of internal accruals, equity, and debt, underscoring RMC’s disciplined financial strategy,” said the company in a statement.
Both Plants are expected to be operational by July 2025, and commercial revenues are expected from August 2025.
The project will be executed through RMC Green Energy, a subsidiary of RMC Switchgears. “To facilitate this, RMC will increase its ownership in RMC Green Energy from 51 percent to nearly 100 percent, making it a wholly owned subsidiary through equity infusion and buying the shares on Fresh Issue by the subsidiary. This strategic move will enhance operational control and strengthen RMC’s vision of creating a comprehensive solar ecosystem,” it said.
As RMC actively explores new opportunities in solar EPC and IPP projects, this expansion marks a crucial step toward backward integration. The solar module manufacturing plant will reduce RMC’s dependency on external suppliers by catering to the internal requirements of ongoing and future projects.
This integration will enhance cost efficiencies, ensure timely execution, and improve supply chain reliability. Apart from the captive consumption of these products, the strong demand in the market will ensure a strong top line and bottom line for the company in FY 26.
Commenting on the announcement, Ankit Agrawal, CEO and Whole-Time Director of RMC Switchgears Ltd., said, “This solar module and module mounting structure manufacturing plants is a strategic backward integration for RMC, enabling us to reduce external dependencies and strengthen our ability to deliver solar EPC and IPP projects seamlessly.”
He further added, “By leveraging RMC Green Energy, we are not only supporting our current pipeline but also creating opportunities for commercial sales, positioning RMC as a significant player in the solar module market. This investment reinforces our commitment to innovation, sustainability, and delivering long-term value for our stakeholders. The addition to these lines will add the maximum products in our range such as EPC – both solar and transmission, modules, structures, solar electrical panels and solar distribution boxes, etc.”
This initiative aligns with RMC’s Vision 2030 of becoming an INR 5,000 crore enterprise while supporting India’s ambitious renewable energy targets. The plant will contribute to RMC’s ability to execute large-scale solar EPC projects efficiently and solidify its presence in the renewable energy ecosystem.
RMC has recently expanded its focus to include renewable energy initiatives, particularly in solar and green energy EPC and IPP solutions, as part of its broader strategy to create value from India’s clean energy transition. The company is also gearing up to participate in the INR 9 trillion investment planned by the government for the transmission segment through its EPC model.
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