RMC Switchgears hits 5% upper circuit on inking MoU with Rajasthan govt

The rise in RMC Switchgears share came after it announced that it has signed a MoU with Rajasthan govt to set up state's first-of-its-kind 1000 MW Ultra Mega Solar Park with integrated battery storage

RMC Switchgears share price: RMC Switchgears shares were locked in 5 per cent upper circuit at Rs 769.10 per share on Monday, November 11, 2024. 

 

The rise in the RMC Switchgears share price came after the company announced that it has signed an enabling Memorandum of Understanding (MoU) with the Government of Rajasthan to establish the state’s first-of-its-kind 1000 MW Ultra Mega Solar Park with integrated battery storage.

 

In an exchange filing, RMC Switchgears said, “The company is pleased to inform that company has signed an enabling Memorandum of Understanding (MoU) with the Government of Rajasthan to establish the state’s first-of-its-kind 1000 MW Ultra Mega Solar Park with integrated battery storage.”

 

This initiative will play a critical role in meeting RMC's ambitious growth objectives, the company noted.

 

Scheduled for completion over the next 2-3 years, the project is part of RMC’s drive to reach approximately 1 GW of greenfield energy capacity through a mix of EPC and IPP projects. It also aligns with the company's Vision 2030 goal of becoming a Rs 35,000-crore enterprise.

 

This MoU, once finalised, will enable RMC to achieve its 1 GW renewable energy target, demonstrating the company’s capability to execute large-scale projects in alignment with India’s green energy ambitions.

 

The solar park will not only impact RMC's growth but is also expected to transform the local economy, creating around 2,000 direct jobs and promoting socio-economic development in Rajasthan. The Government of Rajasthan has committed to fast-tracking the required approvals, with power generation expected to commence by 2026.

 

Ankit Agrawal, CEO and whole-time director of RMC Switchgears, said, “This Ultra Mega Solar Park project is a pivotal development for RMC, underscoring our commitment to India’s transition to greener and more sustainable energy sources. Beyond its environmental impact, the project will generate substantial employment opportunities, supporting economic growth. We are grateful to the Government of Rajasthan for their support and are excited to contribute to a cleaner, more sustainable future while fostering positive change in local communities.” 

 

Headquartered in Jaipur, RMC Switchgears is a power technology company. The company specialises in combating electrical theft and preventing electrocution accidents. It also designs solutions encompassing manufacturing, supply, installation, and operations & maintenance (O&M) management, tailored for the unique needs of utilities and DISCOMs in India. 

 

With over 80 per cent of its services customised for state PSUs and private utilities, RMC Switchgears is evolving alongside India's rapidly transforming power sector. 

 

The company is also actively expanding its focus to include municipalities, particularly in water management, addressing the substantial AT&C losses and societal impacts of electrical accidents in India.

 

The market capitalisation of RMC Switchgears is Rs 792.81 crore, according to BSE.

 

At 11:23 AM, shares of RMC Switchgears continued to remain locked in the 5 per cent upper circuit. In comparison, BSE Sensex was trading 0.70 per cent higher at 80,043.44 levels.