Primegold Steel & Power secures Rs 65 cr from IREDA

CHENNAI: Primegold Steel & Power is establishing a 20 MW solar power plant in Ariyalur.

The clean energy generated will be directly used for captive power consumption within its operations.

In addition to its foray into solar power, Primegold Steel & Power already has a presence in the wind power sector, complemented by long-term renewable energy contracts.

The company has secured the necessary land and financial backing of Rs 65 crore from the Indian Renewable Energy Development Agency Limited (IREDA) for this project, slated to commence operations in August 2025, with work beginning in April.

Aggarwal has steered the company through turbulent waters; Primegold was declared a non-performing asset (NPA) in 2017 and faced near insolvency by 2019.

Through strategic leadership, he guided the firm through a debt resolution process with an Asset Reconstruction Company (ARC) and cleared its debts by 2023, achieving this milestone three years ahead of schedule and re-emerging as a debt-free entity.

The financial resurgence under Aggarwal's guidance is evident in the company's performance. From a turnover of Rs 280 crore in FY 2019–20, Primegold has scaled impressive heights, achieving a group turnover of Rs 800 crore in FY 2024–25.

This growth was further bolstered by a strategic backward integration in 2020, with the commissioning of a steel melting furnace and diversification into the warehousing sector, all funded through internal accruals.

"This foray into green energy, starting with our solar power plant, is a natural evolution for Primegold," Achin Aggarwal, MD, Primegold Steel & Power, said.