RMC Switchgears hit an upper circuit of 5%, at Rs 1,104.45, after the company announced its plans to set up a Rs 100-crore solar products manufacturing facility in Jaipur, Rajasthan.

According to the exchange filing, the company revealed that it intends to leverage its manufacturing strengths to establish a state-of-the-art solar module manufacturing plant with an annual production capacity of 1 GWp. 

Additionally, it will produce solar module mounting structures with the same capacity at a new site in Badodiya Village, Chaksu Tehsil, Jaipur, Rajasthan.

The project, estimated to cost Rs 100 crore, will be executed through RMC Green Energy, a subsidiary of the company. 

As part of the plan, RMC will increase its ownership in RMC Green Energy from 51% to nearly 100%, making it a wholly owned subsidiary through equity infusion and the purchase of shares in a fresh issue.