BC Jindal Group To Enter Renewable Sector With 5 GW Target

The Rs 18,000 crore BC Jindal Group, has announced its foray into India’s renewable sector today. The group has announced plans to invest around US $ 2.5 billion in this sector in the next 5 years. The group becomes the latest to make a strong commitment to the sector, attracted by its green credentials as well as strong commercial possibilities.

With an existing portfolio of 1,200 MW thermal power generation in Angul, Odisha, BC Jindal Group has floated a dedicated entity to hold the renewable venture of the group. This entity will oversee the renewable power generation and solar cells and module manufacturing businesses.

Jindal India Renewable Energy aims to generate 5 GW of power from solar, wind, hybrid and FDRE modes . JIRE will also manufacture PV Cells and Modules to tap into the solar demand.

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Commenting on the announcement, Shyam Jindal, BC Jindal Group, said, “In line with India’s ambitious renewable energy goals, our aim is to generate 5 GW power from solar, wind, hybrid and FDRE modes. As India aims to install 500 GW of renewable energy capacity by 2030, Jindal India Renewable Energy’s entry into this segment will give a boost to this mission. Our foray into the renewable sector is an evolution towards a green and sustainable future.”

Currently, India ranks 4^th globally for adding more renewable capacities along with ranking 4^th and 5^th for wind and solar power capacity, respectively.

Speaking on the launch of this vertical, Punit Gupta, Executive Director, Jindal India Renewable Energy said, “To address India’s current energy requirement, brown energy is still dominant. As technology improves in this sector and demand increases, we aim to act as a key player in the renewable energy sector by leveraging the strength of our existing power company. This will enhance our energy security, ensuring a stable power supply for our operations.”

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Founded in 1952 by B.C. Jindal, the group’s beginnings were made as a steel pipe and fittings manufacturer. The group has grown into a leading conglomerate with a significant presence in the power sector, flexible packaging films, energy generation and downstream steel products.