SG Mart enters renewables with solar brand, wins ₹266 crore orders

SG Mart diversifies into renewables with its new brand APL Apollo SunSteel, securing ₹266 crore in orders for solar module mounting structures from leading IPPs

SG Mart, a prominent player in the B2B construction materials sector, has forayed into the renewable energy space by launching the supply of solar module mounting structures, the firm said in a filing.

 

The company’s solar venture has been launched under the brand name APL Apollo SunSteel.

 

The firm said it has already secured confirmed orders worth ₹266 crore from several independent power producers (IPPs), which points to the robust market acceptance of its new offering.

 

In order to meet the ever-growing demand for solar mounting solutions, driven by India’s renewable energy targets, SG Mart is harnessing its strong sourcing and distribution capabilities to scale its solar mounting solutions business, the company said in the filing. 

 

Notably, deliveries for initial orders have already commenced.

 

‘We are receiving an encouraging response from IPPs and EPC contractors across the country. The demand momentum validates our decision to diversify into the renewable space,’ said Shiv Bansal, Joint Managing Director of SG Mart.

 

‘Supported by SG Mart’s strength in steel procurement, which is a raw material for solar structures, and pan-India distribution, we are well positioned to scale this segment rapidly,’ he added.

 

This move is in line with SG Mart’s vision to diversify into high-growth sunrise sectors, while capitalising on its strong steel procurement capabilities and longstanding relationships with IPPs, EPC contractors and other key players in the infrastructure value chain.