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Jindal Stainless Limited (JSL) makes an investment in a renewable energy SPV.
Move to ensure clean, dependable energy for its steel plants.
Part of JSL's wider sustainability and decarbonization strategy.
Jindal Stainless Limited (JSL), India's largest stainless steel manufacturer, has announced the acquisition of a strategic stake in a Special Purpose Vehicle (SPV) focused on renewable energy generation. The move is part of the company's aggressive effort towards lowering its carbon footprint and providing a stable, renewable power supply to its steel manufacturing units.
The SPV, which will create and run solar and wind hybrid energy projects, is likely to provide direct energy supply to the key manufacturing facilities of JSL. Through the incorporation of renewable energy into its operational mix, JSL hopes to attain substantial cost savings and fulfill its green energy aspirations under India's clean energy transition program.
The decision is in line with the government's effort to encourage industries to use renewable and sustainable sources of energy to fight climate change. It also aligns with the goal of JSL to realize net-zero emissions by 2050 and improve its ESG (Environmental, Social, Governance) profile.
Industry observers view this purchase as a strategic and opportune move given increasing power prices as well as the growing focus on sustainable industrial practices. It also makes JSL a market leader in responsible steel production in India and across the world.
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