Rhetan TMT Limited has executed a Memorandum of Understanding (MOU) with Bajaj Tubular Products Private Limited for the proposed procurement of approximately 20,000 Metric Tonnes (MT) of TMT Bars. The agreement establishes a commercial framework spanning a 24-month period.

The company disclosed this development to stock exchanges on September 25, 2026. While the MOU outlines an indicative quantity, management estimates the broader commercial potential of the relationship at approximately ₹250–300 crore over the two-year term. This figure represents a business opportunity assessment rather than a contracted order value or assured revenue.

Commercial framework and terms

Bajaj Tubular Products Private Limited, based in Pune, is engaged in trading and supplying steel tubular products, infrastructure raw materials, and iron pipes. Under the MOU, actual supplies will occur through individual purchase orders issued by Bajaj Tubular and accepted by Rhetan TMT. These orders will depend on Bajaj Tubular’s project requirements, mutually agreed supply schedules, product availability, and Rhetan’s production capabilities.

The pricing structure remains flexible. Prices are not fixed under the MOU and will be determined for each purchase order based on prevailing market conditions, taxes, duties, freight, and other commercial factors. Delivery schedules, payment terms, and transportation arrangements will also be specified in individual purchase orders.

Strategic implications

The arrangement provides a defined starting framework for approximately 20,000 MT of TMT Bars. By structuring the agreement over 24 months rather than as a one-time transaction, the company aims to foster repeat procurement and a continuing customer relationship. This aligns with efforts to widen the customer network and strengthen market presence within the steel and infrastructure supply chain.

Management views this development as significant for building a diversified customer base. The potential for additional mutually agreed business during the relationship period supports higher sales volumes and improved utilisation of manufacturing capabilities, subject to successful conversion into purchase orders.

Key terms of the MOU

What the numbers show

The disclosed indicative quantity of 20,000 MT serves as a baseline for a relationship valued potentially between ₹250 crore and ₹300 crore. This implies an average realisation range of ₹125,000 to ₹150,000 per tonne if the full estimated value were achieved against the stated volume. However, the company explicitly clarifies that the ₹250–300 crore figure is an internal assessment of broader potential, including expected product mix and additional business scope, not a fixed contract value derived solely from the 20,000 MT baseline.

Rhetan TMT shareholders approved the regularization of Mrs. Jhanvi Vikas Sethi as an independent director for a five-year term. The appointment takes effect from August 12, 2026.

The company’s members ratified the move at their Annual General Meeting held on September 16, 2026. The decision follows a recommendation from the Nomination and Remuneration Committee and approval by the Board of Directors.

Director Profile and Experience

Mrs. Sethi, aged 49, brings over 20 years of professional experience in the stock market and finance sector. Her background includes extensive exposure to financial markets, investments, and capital market operations.

She has been associated with leading business groups, gaining significant expertise in investment management and financial analysis. The company stated her diverse experience enables her to provide strategic guidance.

Other Directorships

Mrs. Sethi currently holds additional independent director positions in three listed entities. She does not serve on any board committees in these roles.

Regulatory Compliance

The disclosure was made pursuant to Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. The company confirmed that Mrs. Sethi is not debarred from holding the office of director by SEBI or any other authority.