Rhetan TMT To Discuss Establishment of A 2 MW Solar Power Plant In Gujarat

On Friday, September 20, the Board of Directors of Rhetan TMT Ltd (BSE: 543590), a prominent producer of TMT Bars and Round Bars manufactured in Gujarat, will meet to discuss on the establishment of a solar power plant with a maximum capacity of 2 MW for internal use on the company's factory premises. The company announced that it would be conducting business on the BSE Limited Main Board starting on Monday, May 5, 2024, after moving from the BSE SME Platform.

Mr. Shalin Shah, Managing Director, Rhetan TMT Ltd "We are optimistic about the future, driven by strategic initiatives, a strong financial foundation, and a commitment to excellence. Building on our solid growth, we plan to expand our manufacturing capacity and raise funds for expansion and working capital. With operational momentum, we are confident in reaching new heights and delivering sustainable value to our shareholders, customers, employees, and communities."

At the Vibrant Gujarat Global Summit in 2024, the firm signed a Memorandum of Understanding in January 2023 to develop a solar power plant with a maximum capacity of 2 MW for captive use at its Kadi, Gujarat, manufacturing facilities. In accordance with this agreement, the Gujarat government offered to assist the company in getting from the appropriate state agencies the required licenses, registrations, approvals, clearances, etc.
In Q1FY25, the company generated revenue from operations of Rs. 19.34 crore and net profit of Rs. 80.67 lakh. The firm declared net profit of Rs. 3.87 crore and net revenue of Rs. 64.77 crore for FY24.

The firm achieved Rs. 56 crore through a SME IPO in August 2022 in order to bolster its position in the steel industry and finance the working capital requirements of expanding its Kadi plant's capacity to 45,000 MT annually from 30,000 MT annually.

Rhetan TMT Ltd., a Gujarat-based company, was founded in 1984. The corporate group is diverse and includes interests in several sectors, such as steel, oil and gas, chemical products, infrastructure, and electronic equipment. The company has a steel rolling mill and produces round and TMT bars, which are mostly utilised in the construction sector. The location of the company's plant is Kadi-Kalol Road in Mehsana, Gujarat.

The firm also manufactures top-notch mild steel round bars that meet worldwide requirements and are extensively used in shafting, forging, engineering, and foundation bolts. The organisation is dedicated to sustainable growth and strives to produce excellent products while positively impacting society, building resilient infrastructure, and creating enduring value for its stakeholders.

A fully automated rolling mill with a daily capacity of 100-120 MT is run by Rhetan TMT Ltd. Their signature TMT bars are well regarded for their strength, ductility, and resilience to earthquakes, which makes them perfect for use in bridges, high-rises, buildings, and other infrastructure projects.