Rama Steel Tubes Limited, a major steel tubes and pipes manufacturer in India, has entered the renewable energy sector by investing in a 225 MW solar power project under the PM-KUSUM scheme in Maharashtra. The company has secured a 10% equity stake in Onix IPP, the Special Purpose Vehicle (SPV) leading the initiative, with projected stable revenues for 25 years backed by government agreements.
Rama Steel Tubes Limited (RSTL), one of India’s leading manufacturers and exporters of ERW steel tubes and pipes, has announced its strategic entry into the renewable energy sector with a 10% equity stake in a 225 MW solar power project under the Government of India’s PM-KUSUM scheme. The project is being developed across various locations in the state of Maharashtra.
The solar initiative is led by Onix IPP, a Special Purpose Vehicle (SPV), and is structured to provide long-term revenue stability. Power Purchase Agreements (PPAs) have been signed with the Maharashtra State Electricity Distribution Company Limited (MSEDCL) at a fixed tariff of ₹3.10 per unit for a period of 25 years.
With this investment, Rama Steel Tubes expects to generate an estimated revenue share of INR 108.11 million annually, totaling approximately INR 2,702.81 million over the project’s duration. This move diversifies the company’s revenue base and aligns it with India’s green energy goals.
Rama Steel Tubes Limited, headquartered in New Delhi, was established in 1974 and is known for its high-quality range of galvanized and black steel tubes, structural tubes, and hollow sections. With four manufacturing facilities across India, the company has been a significant player in supporting infrastructure growth nationwide.
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.”
Richi Bansal, Whole Time Director and CEO of Rama Steel Tubes
The PM-KUSUM initiative (Pradhan Mantri Kisan Urja Suraksha Evam Utthaan Mahabhiyan) focuses on promoting decentralized solar power production on barren and government-owned lands, contributing to rural development and clean energy access.
This step by Rama Steel Tubes reinforces its commitment to sustainability and long-term value creation for its stakeholders while strengthening India’s shift tow
