|
Private Sector | Multi State - India | PID: 202820
|
The Naveen Jindal Group is finalising a Rs 15,000 crore investment plan for the development of renewable energy (RE) projects, aimed at generating captive clean fuel for its ramped-up steelmaking operations. As per the blueprint, the Group is focusing on building new capacity additions with four GW of RE sources in-house within the next couple of years. This would help the Group reduce carbon emissions and produce green steel.
The new steel capacity are being planned under Jindal Renewable Power for developing solar and wind power projects for which sites have been identified, and land acquisition is underway. Majority of the projects will be in Rajasthan and Karnataka. Further, the objective is to be more environmental, social and governance (ESG) compliant. The additional capacity is mostly in production of hot rolled and cold rolled steel which has wide applications, especially in automotive and construction sectors.
For instance, India’s highway construction of almost 10,000 km per year requires large quantities of steel for building guard rails. The Naveen Jindal Group has initiated the process for the purchase of machinery for the proposed RE projects and discussions with a close group of financiers are also underway.
In its latest investor presentation, Jindal Steel and Power has emphasised the focus area for investment as steel and ancillary businesses such as mines, ports and power, and focus on green technologies to decarbonise its steel business. The Group will take steelmaking capacity to about 15 million tonnes per annum by 2025-26.
| Updated on: 30 - Apr - 2024
|
|
|
|