Jindal Stainless keen to invest in renewables: MD Abhyuday Jindal

Limited (JSL) is keen make an investment in the renewable energy sector to set up 300 MW solar and wind capacities in three states, its MD Abhyuday Jindal said.

There will be no more investments in thermal energy, he told PTI.

However, the industrialist did not specify the amount JSL intends to invest to set up the renewable capacity.

“It will be very premature to give any figure. But we are keen to invest in the renewable sector. The capacities will be both solar and wind,” Jindal said speaking on the sidelines of the Global Stainless Steel Expo (GSSE) 2022.

When asked about the capacity and the locations of the project, he replied 300 MW of solar and wind energy capacity will be set up in Odisha, Haryana and Rajasthan.

The green energy generated from the project will be used to manufacture stainless steel as “we are expanding,” Jindal said.

The country’s largest stainless steel maker owns and operates 1.1 million tonne per annum (MTPA) plant in Jajpur, Odisha. The company sources energy from its 264 megawatt MW captive thermal power plant, to run the unit.

JSL is expanding the capacity at Jajpur by another 1 MT to 2.1 MTPA.

“As part of the government’s mission of carbon-neutrality, JSL is also keen to move on to renewable sources to manufacture stainless steel. Phasing out of our existing thermal capacity would depend on government rules and regulations,” he said.

(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)

Dear Reader,

Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.

We, however, have a request.

As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practise the journalism to which we are committed.

Support quality journalism and subscribe to Business Standard.

Digital Editor

Source link

Leave a Reply

Your email address will not be published. Required fields are marked *