Rama Steel Tubes Forays into RE Sector with Stake in 225 MW Solar Project Under PM-KUSUM
Steel tubes and pipes manufacturer Rama Steel Tubes Ltd. (RSTL) has entered the renewable energy space with a 10 percent stake in a 225 MW solar power project, structured under Onix IPP, under the PM-KUSUM scheme in Maharashtra.
June 06, 2025. By Mrinmoy Dey
The project, structured under Onix IPP, a Special Purpose Vehicle (SPV), is spread across multiple locations in Maharashtra. It has successfully signed Power Purchase Agreements (PPAs) with the Maharashtra State Electricity Distribution Company Ltd. (MSEDCL) at a fixed tariff of INR 3.10 per unit for a 25-year term.
Commenting on the development Richi Bansal, Whole Time Director and Chief Executive Officer, Rama Steel Tubes Ltd., said, “We are proud to be part of this landmark renewable energy initiative. Our strategic investment in the 225 MW PM-KUSUM project not only strengthens our ESG profile but also diversifies our revenue base. This is a future-forward step aligned with India's net-zero vision and rural empowerment.”
The Special Purpose Vehicle (SPV) is expected to generate gross annual revenue of approximately INR 1,081.13 million, translating to a total estimated revenue of INR 27,028.13 million over a 25-year period. This revenue is secured under locked-in Power Purchase Agreements (PPAs), providing visibility and stability for the entire duration, the company said in a statement.
Rama Steel Tubes holds a 10 percent equity stake in the Onix IPP. Based on this share, RSTL’s estimated portion of the gross annual revenue amounts to INR 108.11 million. Over the 25-year period, this equates to a total revenue of approximately INR 2,702.81 million, it said.
The project is aligned with the Pradhan Mantri Kisan Urja Suraksha Evam Utthaan Mahabhiyan (PM-KUSUM) initiative, aimed at encouraging solar energy generation on barren and government-owned lands. It supports rural development by creating new energy infrastructure, empowering local economies, and reinforcing India's commitment to clean energy.
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