BC Jindal Group Forays Into India’s Renewable Energy Sector with 5 GW Goal
- Jindal India Renewable Energy (JIRE) builds on the legacy of the BC Jindal Group’s power vertical
- JIRE will also manufacture PV Cells &Modules to tap into the solar demand
Mumbai, 22ndAugust 2024: BC Jindal Group, India’s leading conglomerate, with over Rs. 18,000 Crore turnover, announced its foray into India’s renewable sector today. The group plans to invest around US $2.5 billion in this sector in the next 5 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 5GW 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 andModules 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, Mr. 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 4th globally for adding more renewable capacities along with ranking 4th and 5th for wind and solar power capacity, respectively.
Speaking on the launch of this vertical, Mr. 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 Shri 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.
As India progresses towards its 2030 targets, JIRE’s initiative represents a forward-thinking approach to energy diversification. With a focus on environmental well-being at the core of its inception, BC Jindal Group’s commitment extends beyond compliance to a genuine dedication to preserving the environment for future generations.
About BC Jindal Group:
The US$ 2.5 billion B. C. Jindal Group is among India's leading business houses. The Group, with a culturally diverse workforce across India, USA, and Europe, employs more than 10000 people and has been offering a wide range of products and solutions since 1952. The Group by way of its innovative and sustainable presence in flexible packaging films, energy generation and downstream steel products play an important role in driving India’s economic growth. The Group strives for excellence by leveraging its strengths & capabilities including a successful track-record of executing capital-intensive & technically complex projects, including multiple acquisitions globally. Also, The Group has a strong social development focus aimed at empowering local communities residing around its plant locations.
