The Naveen Jindal group is getting ready to invest Rs 15,000 crore in renewable energy projects. This investment will help power its steelmaking operations with clean energy and reduce carbon emissions.
Jindal Steel and Power, which is led by Jindal, is expanding its steelmaking capacity. By the end of 2025-26, the group aims to increase its steel production by about one and a half times the current size.
The plan is to create 4 gigawatts (GW) of renewable power sources within the next few years. This renewable energy will be used to fuel the new steel capacity additions. By doing this, the group aims to produce green steel and lower its carbon footprint.
The steel industry is a significant contributor to global carbon emissions. By using renewable energy, Jindal aims to reduce its carbon emissions and be more environmentally friendly.
Most of the renewable energy projects will focus on solar and wind power. The group has identified sites and is in the process of acquiring land, primarily in Rajasthan and Karnataka.
Jindal has started purchasing machinery for these projects and is in discussions with financiers to fund them. This move is also in response to investor demands for companies to focus on reducing carbon emissions.
In addition to renewable energy projects, Jindal Steel and Power plans to invest in green technologies to make its steel business more environmentally friendly. The company aims to increase its steelmaking capacity to about 15 million tonnes per annum by 2025-26. This expansion will primarily focus on hot rolled and cold rolled steel, which are in high demand in sectors like automotive and construction.
Other steel companies like Tata Steel and ArcelorMittal Nippon Steel are also investing in green power projects to reduce their carbon footprint in the steelmaking process.
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