Jindal Stainless has acquired an additional 7% equity stake in a special purpose vehicle (SPV) formed in collaboration with Ampin C&I, to develop a 40 MW solar group captive renewable energy project for meeting the power requirements of the company’s plant(s).
The project is expected to produce around 61.73 million units annually for captive consumption of the company. Moreover, power procurement from this plant is in alignment with the company’s commitment to power future growth through renewable sources of energy and reach net zero carbon emissions by 2050.
With investment of the balance tranche of around Rs 5.08 crore, the company has completed its committed investment of around Rs 13.83 crore. The transaction brings the company's aggregate equity holding in the SPV to 24.21%.
Jindal Stainless (JSL) is one of the largest stainless steel conglomerates in India and ranks amongst the top 10 stainless steel conglomerates in the world.