Naveen Jindal group plans Rs 15,000-crore green energy push
Naveen Jindal group is finalising a Rs 15,000 crore investment plan for the development of renewable energy projects which could become a source of captive clean fuel for its expanding steelmaking operations, said people with knowledge of the matter.
Jindal is the promoter of the listed Jindal Steel and Power, which has announced a major capacity expansion that could ramp up the group’s steelmaking operations to around one and a half times the existing size before the close of 2025-26.
As per the blueprint being finalised, the group wants to power the new steel capacity additions by creating 4 gigawatts (GW) of renewable power sources in-house within the next couple of years, said the people. This would help the group reduce carbon emissions and produce green steel, they said.
The steel industry accounts for nearly 8% of the global carbon emissions and a large part of that emanates from the use of fossil fuel-based power sources.
The new capacities are being planned under Jindal Renewable Power Private Limited, a group company, the people said.
‘Bulk of Projects to be in Rajasthan & Karnataka
ET’s queries to Jindal Steel and Power did not elicit a response till press time.
“They are doing this to be more ESG (environmental, social and governance) compliant, as investors are demanding that industrial companies focus on reducing carbon emissions,” said a person briefed on the matter, who did not wish to be identified.
Most of the renewable energy capacity will be created by developing solar and wind power
