Primegold International Ltd has rebranded as Primegold Steel & Power Ltd, marking a significant shift towards green energy and environmentally conscious steel production. The company is committed to producing sustainable, affordable, and globally competitive “green steel” by integrating clean power generation with its manufacturing operations. To achieve this goal, Primegold Steel & Power is establishing a 20 MW solar power plant in Ariyalur, Tamil Nadu, which will provide captive power for its operations. The company has already secured the necessary land and funding of ₹65 crore from the Indian Renewable Energy Development Agency Limited (IREDA) and plans to commence operations in August 2025.
This transformation is a testament to the company’s resilience and strategic foresight, having overcome financial difficulties in the past. Primegold was declared a non-performing asset (NPA) in 2017 and faced near-insolvency by 2019. However, under the leadership of Managing Director Achin Aggarwal, the company underwent a debt resolution process and cleared its debts by 2023, three years ahead of schedule. The company has since achieved significant financial growth, with a turnover of ₹800 crores in FY 2024-25, up from ₹280 crores in FY 2019-20.
Primegold Steel & Power’s commitment to sustainability is driven by its belief that environmentally responsible practices are essential for long-term value creation. The company aims to produce high-quality steel that is also environmentally responsible, contributing to a greener future. Aggarwal stated, “Our foray into green energy, starting with our solar power plant, is a natural evolution for Primegold. We believe that sustainable practices are not just an ethical imperative but also a crucial driver for long-term value creation.”
The company’s journey from near financial collapse to a debt-free entity spearheading green initiatives is a compelling narrative of resilience and strategic foresight. With its rebranding and new focus on sustainable steel production, Primegold Steel & Power is poised to play a pivotal role in shaping India’s sustainable future. The company’s transformation embodies a modern entrepreneurial saga, rising from the ashes to power a greener tomorrow. As Aggarwal looks to the future, he is confident that Primegold Steel & Power will continue to drive growth and innovation in the steel industry while contributing to a more sustainable future.