Steel firm Rhetan TMT plans to set up 2 MW solar plant for captive use

Steel products maker Rhetan TMT Ltd plans to set up a 2 MW solar power plant at its Kadi manufacturing facility in Gujarat, according to a statement.

The TMT bar and round bars manufacturer will set up the solar power plant for its captive use which will help it cut power costs and move towards green energy.

The board of the company is scheduled to meet on Friday to consider and approve the 2 MW solar plant, the company said in a statement.

Rhetan TMT operates a rolling mill with a daily capacity of 100-120 MT at Kadi (Mehsana) in Gujarat. The mill produces TMT Bars and Round Bars which are primarily used in the construction industry.

The company in a statement said that it signed an MoU at Vibrant Gujarat Global Summit 2024 for setting up a solar power plant at its Kadi facility. Under the MoU, the Gujarat government has proposed to support the company in obtaining the necessary permissions, registrations, approvals, clearances, etc, from the relevant state departments.

The company in May this year shifted to the mainboard BSE platform from the SME platform. It reported revenue of Rs 19.34 crore for the June quarter.