Rudra Global to Invest ₹190 Crore in Gujarat Solar Power Project

Rudra Global Infra Products will invest ₹190 crore in a 30 MW solar project in Gujarat. Scheduled for January 2025, the project aims to power the company’s billet and TMT bar production, increasing utilization from 33% to 50%. The initiative expects a turnover of ₹1000 crore within three years.

Rudra Global Infra Products announced plans on Friday to invest ₹190 crore in establishing a 30 MW solar project in Gujarat.

According to a company statement, the new solar plant will begin operations by January 2025. The initial phase involves a capital expenditure of ₹190 crore, with 80% of the funding sourced from financial institutions over a five-year term, while the company will cover the remaining 20%.

The green energy produced will mainly supply the energy needs of the company's existing billet and TMT bar manufacturing processes. This move is anticipated to boost the steel melting shop division's capacity utilization from its current 33% to 50%.

The project targets annual production of 1 lakh tonne of billets and 2.1 lakh tonne of TMT bars.

Managing Director Sahil Gupta stated, ''By harnessing solar energy, we aim to significantly reduce our operational costs, enhance our environmental footprint, and bolster our bottom line. We foresee the project breaking even within two years of commercialization, driving us towards a turnover exceeding ₹1000 crore within the next three years.''

Rudra Global Infra Products Ltd, formerly known as MDICL, specializes in manufacturing thermo-mechanically treated bars and mild steel billets.

(With inputs from agencies.)