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LMEL enters into a renewable energy deal for iron ore and steel operations.
Deal aligns with India's decarbonisation and clean energy aspirations.
Represents increasing green shift momentum in Indian steel sector.
In a strategic move towards sustainable steel manufacture, Lloyds Metals and Energy Limited (LMEL) signed an agreement to secure clean, renewable power for its future iron ore and steelmaking ventures in India.
The agreement, with unidentified renewable energy suppliers, will provide green power for LMEL's operating and planned plants in order to decrease their carbon footprint. The deal includes solar and wind power capacity that will serve LMEL's beneficiation and steel factories in various states.
This move is in addition to India's efforts to get industries to reduce their fossil fuel reliance and go green. With the nation aiming for net zero emissions by 2070 and green hydrogen incentives being formulated, steel producers are stepping up their renewable energy partnerships.
LMEL's action is a sign of the industry's increasing attention to environmental, social, and governance (ESG) compliance and carbon reduction. The renewable energy alliance is meant to fuel both mining and steelmaking processes, minimizing the cost of operation and positioning LMEL favorably in India's green steel platform.
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