Jindal Steel (JSPL) and Jindal Renewables (JRPL) have announced a landmark Memorandum of Understanding (MOU) to implement India's biggest investment in green hydrogen by any Indian steelmaker till date. This collaboration underscores a major commitment by both companies towards decarbonisation and green energy leadership in India's steel industry.
The MOU outlines JSPL's plan to integrate green hydrogen into its Direct Reduced Iron (DRI) units in Angul, Odisha. This initiative represents a significant leap towards low emission steel production. In the first phase, Jindal Renewables will develop a green hydrogen generation capacity of up to 4,500 tons per annum set to commence by December 2025. In addition, the project will also entail supply of 36,000 tons of oxygen per annum that will be used in the Angul steelworks. JRPL will also be supplying ~3GW of renewable energy to JSPL's facilities reducing the steelmaker's dependence on coal fired energy by 50% in the next 2-3 years. This integration of green energy is expected to drastically lower the company's carbon footprint.
Mr. Sanjay Singh, Director of Strategy and Corporate Affairs at JSPL, expressed his enthusiasm for the collaboration, stating, "This MOU marks a pivotal moment in our journey towards decarbonisation using green hydrogen and green energy, accelerating our transition to lower emission steel. By integrating green energy and green hydrogen into our production processes, we are not only reducing our carbon footprint but also setting a new benchmark for the Indian steel industry. This collaboration is a testament to our unwavering commitment to sustainable development and innovation."
JSPL will provide essential infrastructure and support, while JRPL will handle the development and operation of the green hydrogen and renewable energy facilities. This collaboration underscores a major commitment to decarbonisation and green energy leadership in India's steel industry. With innovative engineering, the MOU aims not only to significantly slash the cost of green hydrogen production but also to ensure sustainable long term business model by locking in offtake for the next 25 years.
Shares of Jindal Steel & Power Limited was last trading in BSE at Rs. 1031.60 as compared to the previous close of Rs. 1004.20. The total number of shares traded during the day was 79787 in over 4199 trades.
The stock hit an intraday high of Rs. 1035.55 and intraday low of 1006.45. The net turnover during the ay was Rs. 81826743.00. |
