Jindal Stainless (JSL) will not make any more investments to set up thermal plants as the country’s largest steel manufacturer plans to concentrate on renewable energy to power its manufacturing facilities.
“This is in line with our intention to reduce carbon emissions. From now, we will be investing in only renewable energy – wind, solar and hydro – and would be in Rajasthan, Odisha or Haryana,” said Abhyuday Jindal, managing director, JSL, on the sidelines of the Global Stainless Steel Expo (GSSE) 2022.
However, the quantum of investment and locales where the company would set up fresh power plants are yet to be decided.
“These would depend on a lot of factors, including government policies and demand for stainless steel,” he said.
At present, JSL has thermal plants with a total capacity of 250 MW in Odisha. The phasing out of existing thermal plants and replacing them with renewable energy would also depend on regulations.
The company, which has a total manufacturing capacity of 1 million tonne in Odisha, is also looking to double it by the fourth quarter.
JSL, which supplied material for the country’s first-ever stainless steel foot-over-bridge in Naupada, Andhra Pradesh, is also eyeing similar projects in the country, he added.