RMC Switchgears Secures ₹90 Crore Solar Pump Project in Maharashtra; Shares Locked at 5% Upper Circuit

RMC Switchgears Limited has announced a significant milestone by securing a ₹90 crore Letter of Acceptance (LOA) for supplying, installing, and commissioning 5,000 solar pumps in Maharashtra. This project includes 3HP, 5HP, and 7HP solar pump systems and is expected to be completed during FY25-26.

Maharashtra’s Clean Energy Drive

Maharashtra has set an ambitious target of deploying 1.5 million solar pumps with a ₹100 billion allocation to transform its agricultural landscape. To date, over 100,000 solar pumps have been installed, underscoring the sector’s potential for sustainable irrigation solutions.

With this latest project, RMC Switchgears is poised to contribute to the state’s clean energy goals while empowering farmers with solar-powered systems.

Strategic Integration with Solar Module Manufacturing

RMC’s recent investment of ₹100 crore to establish a Solar Module Manufacturing Plant in Jaipur complements this order. The plant aims to reduce reliance on external suppliers, streamline project execution, and meet the growing demand for solar modules in India.

Commenting on the development, Mr Ankit Agrawal, CEO and Whole-Time Director of RMC Switchgears, stated: “This LOA is a significant milestone for our Solar-based EPC business. It validates our capabilities while aligning with Maharashtra’s renewable energy ambitions. Our recent investment in solar module manufacturing enables us to deliver efficiently on projects like this and achieve our Vision-2030 goals.”

Shares Locked at 5% Upper Circuit

Following the announcement, RMC Switchgears’ shares were locked at a 5% upper circuit limit at ₹1,159.65 on December 17, 2024. 

About RMC Switchgears Limited

RMC Switchgears is a leader in electrical infrastructure solutions, specialising in electrical enclosures, smart meter enclosures, and renewable energy initiatives. With a growing focus on solar EPC and infrastructure projects, the company plays a pivotal role in India’s clean energy transition and power security goals.

Disclaimer: This blog has been written exclusively for educational purposes. The securities mentioned are only examples and not recommendations. It is based on several secondary sources on the internet and is subject to changes. Please consult an expert before making related decisions.