Primegold Steel & Power Ltd Launches Green Steel Drive with 20 MW Solar Project

Primegold International Ltd has shed its former identity, emerging today as Primegold Steel & Power Ltd, signalling a bold strategic pivot towards green energy and environmentally conscious steel production. This transformation underscores the company's unwavering commitment to forging a sustainable future, seamlessly integrating clean power generation with its core manufacturing operations to produce what it envisions as sustainable, affordable, and globally competitive "green steel."

In a decisive move to power its sustainable vision, Primegold Steel & Power is establishing a 20 MW solar power plant in Ariyalur, Tamil Nadu. The clean energy generated will be directly utilized 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. This existing commitment to clean energy sources further strengthens the company's transition towards sustainable operations and green steel production.

The company has already secured the necessary land and financial backing of ₹65 crore from the Indian Renewable Energy Development Agency Limited (IREDA) for this ambitious 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 guidgreen revolutioned the firm through a debt resolution process with an Asset Reconstruction Company (ARC) and successfully 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 ₹280 crores in FY 2019–20, Primegold has scaled impressive heights, achieving a group turnover of ₹800 crores 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," stated Achin Aggarwal, Managing Director of Primegold Steel & Power. "We believe that sustainable practices are not just an ethical imperative but also a crucial driver for long-term value creation. Our aim is to produce steel that is not only of the highest quality but also environmentally responsible, contributing to a greener future for all."

Aggarwal, an alumnus of the University of Manchester and SPJIMR, Mumbai, joined the family business in 2007 during the global financial crisis. In 2008, he launched the Primegold Steel brand alongside his father, Shri Pradeep Aggarwal, the visionary founder of the Kamdhenu brand, who provided invaluable guidance and mentorship. Their combined efforts established the group's robust manufacturing and marketing presence in New Delhi and Bangalore, propelling Primegold to national recognition. A significant milestone in their journey was the landmark joint venture with the Steel Authority of India Ltd (SAIL) in 2015, forming Primegold SAIL JVC, which proudly celebrates its 10th anniversary this year, along with his youngest brother Pulkit Aggarwal.

Primegold Steel & Power's journey from near financial collapse to a debt-free entity spearheading green initiatives is a compelling narrative of resilience and strategic foresight. Like the very steel it produces, the company has weathered intense pressure and emerged stronger, now poised to play a pivotal role in shaping India's sustainable future and beyond. This transformation truly embodies a modern entrepreneurial saga – a phoenix rising from the ashes, ready to power a greener tomorrow.