Rudra Global Infra to invest Rs 1.9 billion in 30 MW solar project in Gujarat
Steelmaker Rudra Global Infra Products plans to invest Rs 1.9 billion in a 30 MW captive solar project in Gujarat, scheduled to commence operations by January 2025. The solar plant will primarily power the company’s billet and TMT bar manufacturing operations, increasing the capacity utilization of its steel melting shop (SMS) division from 33% to 50%.
The project aims to produce one lakh tonne of billets and 2.1 lakh tonne of TMT bars annually. The first phase of the project will be funded with 80% of the capital expenditure secured through financial institutions over a five-year tenure, with the remaining investment coming from the company.