Rs 700,00,00,000 Project: Stainless Steel Company and AB Energia Set New Benchmark with Odisha's Largest Captive Industrial Solar Plant
The stock gave multibagger returns of 120 per cent in just 2 years and a whopping 2,000 per cent in 5 years.
Jindal Stainless Ltd, India's foremost stainless steel manufacturer, has joined forces with AB Energia Solutions Pvt Ltd, a prominent clean energy provider, to inaugurate a groundbreaking solar energy project at their manufacturing facility in Jajpur, Odisha. This ambitious undertaking has resulted in a total installed capacity exceeding 30 MWp, establishing it as the largest captive solar energy plant within a single industrial campus in the state. The collaborative effort between Jindal Stainless and AB Energia has yielded an innovative combination of a 7.324 MWp floating solar plant and a 23.02 MWp rooftop solar system.
This state-of-the-art plant is projected to generate approximately 44.3 million units of green energy annually, significantly diminishing the Jajpur unit's reliance on traditional grid electricity. This green energy generation is comparable to powering 12,000 to 15,000 households or offsetting 32,208 metric tonnes of CO2 emissions each year. The project showcases a blend of scale and ingenuity, featuring a floating solar plant ingeniously placed on an internal reservoir, converting previously unused water bodies into clean energy generators while also mitigating water evaporation. Complementing this, a substantial rooftop solar system spans ten industrial roofs at varying heights, maximising the utilisation of available space and energy production. This initiative underscores Jindal Stainless' commitment to sustainable growth and marks a significant stride towards its goal of achieving Net Zero emissions by 2050, supported by a planned investment of INR 700 crore in decarbonization projects over the next five years.
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About Jindal Stainless Ltd
India's leading stainless-steel manufacturer, Jindal Stainless, has a strong global presence with 16 manufacturing facilities and a worldwide network in 12 countries. With a consolidated annual turnover of Rs 38,562 crore (USD 4.7 billion) in FY24, the company is expanding its operations to reach a capacity of 4.2 million tonnes by 2026. Jindal Stainless offers a wide range of stainless steel products, including slabs, blooms, coils, plates, sheets, precision strips, wire rods, rebars, blade steel and coin blanks. Committed to sustainability, the company utilises scrap in an electric arc furnace, reducing greenhouse gas emissions and promoting recyclability. With a strong focus on innovation, social responsibility and environmental stewardship, Jindal Stainless continues to be a leading force in the stainless steel industry.
The stock gave multibagger returns of 120 per cent in just 2 years and a whopping 2,000 per cent in 5 years. Investors should keep an eye on this iron & steel manufacturing stock.
Disclaimer: The article is for informational purposes only and not investment advice.