Steel maker Rudra Global Infra Products will invest around Rs 190 crore for setting up a 30 MW captive solar project in Gujarat. The solar plant is scheduled to commence operations by January 2025.

The clean power generated will be primarily utilised to meet the energy requirements of the company's existing billet and TMT bar manufacturing operations. This initiative is expected to increase the capacity utilisation of the steel melting shop (SMS) division from the current 33 percent to 50 percent. With the project, the company aims to produce one lakh tonne of billets and 2.1 lakh tonne of TMT bars annually.

The first phase of the project will require a capital expenditure of Rs 190 crore, with 80 percent secured through financial institutions with a five-year tenure, and the remaining to be invested by the company. This will enable the company to reduce operational costs, enhance environmental footprint, and bolster bottom line.

Rudra Global Infra Products, formerly known as MDICL, manufactures thermo-mechanically treated bars and mild steel (MS) billets, and aims to move towards a turnover of over Rs 1,000 crore in the next three years.