BC Jindal Group Ventures into Renewable Energy with $2.5 Billion Investment
BC Jindal Group announced an investment of USD 2.5 billion into India's renewable energy sector over the next five years. The conglomerate will oversee renewable power generation and manufacturing of solar cells and modules through its newly established entity, Jindal India Renewable Energy (JIRE).
- Country:
- India
BC Jindal Group on Thursday announced its foray into India's renewable energy sector, committing to a substantial investment of USD 2.5 billion over the next five years.
Known for its 1,200 MW thermal power generation in Angul, Odisha, the group has created a dedicated entity for its renewable energy ventures, the statement revealed.
The conglomerate, which boasts a turnover exceeding Rs 18,000 crore, plans to spearhead renewable power generation and solar manufacturing through Jindal India Renewable Energy (JIRE).
JIRE aims to produce 5 GW of power via solar, wind, hybrid, and FDRE modes, while also manufacturing PV cells and modules to meet solar energy demands.
According to Punit Gupta, Executive Director of JIRE, the venture is set to address India's energy needs by reinforcing the group's existing power company expertise in the renewable sector.
(With inputs from agencies.)
Google News