Jindal Stainless Announces ₹700 Crore Investment in Renewable and Sustainability Initiatives

Jindal Stainless Ltd (JSL), India's largest stainless steel producer, has announced a significant investment of ₹700 crore over the next three years. This investment will be allocated towards sustainability projects, particularly focusing on renewable energy initiatives. The objective is to diminish the company's carbon footprint, encompassing emissions embedded in its products and operations.

Abhyuday Jindal, Managing Director of JSL, revealed that the funding for these projects would be sourced from internal reserves. The upcoming renewable energy ventures will primarily cater to the company's own energy consumption needs, with tangible benefits anticipated several years after their establishment.

JSL aims to establish renewable power sources with a total capacity of 300-350 MW across its manufacturing facilities in Hisar, Haryana, and Jajpur, Odisha. The long-term vision is to achieve carbon neutrality by 2050, with an interim goal of reducing emissions by 50 percent by 2035.

As part of its sustainability initiatives, JSL has identified around 15 projects, with major emphasis on renewable energy. This includes the development of two 100 MW RE-RTC (renewable energy - round the clock) projects in Jajpur, a similar 100 MW project in Hisar, and a 34.5-MW peak renewable energy project in Hisar involving rooftop and floating solar installations.

Additionally, the company is implementing various sustainability measures such as the adoption of electric forklifts, chrome pelletisation, combustion catalyst usage in boilers, waste-heat recovery in arc furnaces, and transitioning from LPG to natural gas. Plans also include increasing the utilization of recycled inputs and biomass substitution for coal usage.

Furthermore, JSL is venturing into green hydrogen production, with plans for two green hydrogen plants in Hisar and Jajpur. Abhyuday Jindal emphasized the company's commitment to gradually transitioning its entire energy consumption to renewable sources, highlighting the installation of the first green hydrogen plant at Hisar, inaugurated by Union Steel Minister Jyotiraditya Scindia.

HBL