SG Mart forays into renewables sector with ₹266 crore solar orders
In a significant move, SG Mart, formerly known as Kintech Renewables Limited, has announced its foray into the renewable energy sector by securing orders worth ₹266 crore for the supply of solar module mounting structures. The orders were awarded by multiple domestic independent power producers (IPPs). This development marks a significant milestone for the company as it expands its presence in the renewable energy sector.
As per the agreement, SG Mart will supply solar module mounting structures to the IPPs, which will be used to set up solar power projects across various locations in the country. The delivery of these solar module mounting structures is scheduled to take place during the financial year 2025-26.
The renewable energy sector has been gaining traction in recent years, driven by government initiatives to promote the use of clean energy sources. The Indian government has set ambitious targets to increase the share of renewable energy in the country’s energy mix, and private companies like SG Mart are well-positioned to benefit from this trend.
SG Mart’s entry into the renewable energy sector is seen as a strategic move to diversify its revenue streams and reduce its dependence on the conventional construction materials market. The company has been operating in the construction materials space for several years, providing a range of products and solutions to the construction industry.
“With this foray into the renewable energy sector, we aim to leverage our expertise in manufacturing and supply chain management to provide high-quality solar module mounting structures to our customers,” said a spokesperson for SG Mart. “We believe that this move will not only enhance our revenue growth but also contribute to the country’s efforts to reduce carbon emissions and promote sustainable energy.”
The solar module mounting structure market is expected to grow significantly in the coming years, driven by the increasing adoption of solar power globally. According to a report by Grand View Research, the global solar module mounting structure market is expected to reach $2.3 billion by 2027, growing at a CAGR of 10.1% during the forecast period.
SG Mart’s entry into this market is likely to be a significant boost to the company’s growth prospects, particularly given its strong manufacturing capabilities and extensive supply chain network. The company has a state-of-the-art manufacturing facility in India, which enables it to produce high-quality products that meet the stringent requirements of the renewable energy sector.
In addition to its manufacturing capabilities, SG Mart also has a strong presence in the construction materials market, which is expected to continue to drive its growth in the coming years. The company has a diverse range of products and solutions that cater to the needs of the construction industry, including steel products, cement, and aggregates.
Overall, SG Mart’s foray into the renewable energy sector is a significant development that is expected to drive the company’s growth prospects in the coming years. The company’s expertise in manufacturing and supply chain management, combined with its strong presence in the construction materials market, make it well-positioned to succeed in this new segment.
