Rhetan TMT, a leading manufacturer of structured steel products, plans to set up a 2 MW captive solar power plant at its factory in Kadi, Gujarat.
Its board of directors will meet on Friday to discuss the investment.
In May, the company migrated from the BSE SME platform to the main board.
Rhetan TMT executed a memorandum of understanding at the Vibrant Gujarat Global Summit 2024 for establishing a 2 MW solar power plant. The Gujarat government offered to support it in obtaining permissions from State departments.
The company has already expanded its manufacturing capacity to 45,000 tonnes per annum from 30,000 tonnes per annum.
Established in 1984, Rhetan TMT is part of Gujarat-based Lesha Group, which has diversified business interests in sectors such as oil and gas, steel, infrastructure, electronic equipment and chemical products.
Shalin Shah, Managing Director, Rhetan TMT, said the company is optimistic of growing demand from the construction and infrastructure segment, and plans to expand manufacturing capacity.