BC Jindal Group on Thursday said that the company has planned to invest around USD 2.5 billion in India’s renewable sector in the next five years. 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 to uphold responsible environmental care while achieving decarbonisation.
Along with this, JIRE will also manufacture PV Cells and Modules to tap into the solar demand. With a strategic vision to build a state-of-the-art portfolio in the renewable sector, this is a natural evolution for the BC Jindal Group.
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 fourth globally for adding more renewable capacities along with ranking fourth and fifth 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.”
Jindal India Renewable Energy operates under the BC Jindal Group, founded in 1952 by B.C. Jindal. Originally a steel pipe and fittings manufacturer, the group has grown into one of India’s leading conglomerates with a significant presence in the power sector. The formation of Jindal India Renewable Energy comes in the backdrop of BC Jindal Group’s legacy in the energy sector.
