BC Jindal Group lines up green energy foray with $2.5 bn investment

Founded in 1952, the B C Jindal group is engaged in the manufacturing of steel pipes and pipe fittings

BC Jindal Group, which is active in the steel pipe manufacturing sector, on Thursday announced its foray into the renewable energy sector, with an ambitious investment plan of $2.5 billion.

With an existing portfolio of 1.2 gigawatt (Gw) thermal power plant in Angul, Odisha, the latest investment includes setting up of solar equipment manufacturing and building 5 Gw of green energy.

The conglomerate has established a separate entity Jindal India Renewable Energy (JIRE) as part of the renewable energy push.

“JIRE aims to generate 5 Gw of power from solar, wind, hybrid and firm and dispatchable renewable energy 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,” the company said.

Founded in 1952, B C Jindal Group also has presence in the manufacturing of polyester film, BOPP film, photographic goods, cold rolled steel strips, galvanised sheets, and metallised films.

Shyam Jindal, BC Jindal Group, said: “As India aims to install 500 Gw of renewable energy capacity by 2030, JIRA’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.”

Punit Gupta, executive director, JIRE 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.”

India adds 15 Gw of solar capacity in H1FY25

In the first half of the current financial year, close to 15 Gw of solar power capacity, which is the highest ever addition during this period, according to an analysis of Mercom India Research. In its Solar Market Update, Mercom said solar installations topped all previous half-yearly and annual installations.

The commissioning of several previously delayed projects contributed to capacity additions in the year's first half.

"2024 is shaping up to be a breakout year for India's solar industry, with an impressive first half. However, to ensure that the strong pipeline of projects and ramped-up tender activity translate into timely installations, it is critical that we tackle the component supply and grid connectivity challenges with urgency so we can meet the 280 GW target by 2030," said Raj Prabhu, CEO of Mercom Capital Group.