- BC Jindal Group announced a USD 2.5 billion investment in India’s renewable energy sector over the next five years.
- The conglomerate, which boasts a turnover exceeding Rs 18,000 crore, plans to spearhead renewable power generation and solar manufacturing.
BC Jindal Group have 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).
BC Jindal Group announced its foray into India’s renewable energy sector on August 22, committing to a substantial investment of USD 2.5 billion over the next five years.
The statement revealed that the group, known for its 1,200 MW thermal power generation in Angul, Odisha, has created a dedicated entity for its renewable energy ventures.
However, 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 will address India‘s energy needs by reinforcing the group’s existing power company expertise in the renewable sector.
The southern and western regions have the highest concentration of India’s renewable energy capacity, with seven states—Andhra Pradesh, Gujarat, Karnataka, Maharashtra, Rajasthan, Tamil Nadu, and Telangana—comprising over 80 per cent of the total installed capacity.
This uneven distribution extends to other green industries, such as solar photovoltaic manufacturing, leading to concerns about the sustainability and equity of the country’s energy transition.
Bhupinder Singh Bhalla, Secretary of the Ministry of New and Renewable Energy (MNRE), said the required renewable (RE) capacity growth must be spread equitably across the country. The scheduled phase-out of the ISTS waiver will support this, but states also need to be ready for it by providing ease of business, land and transmission for developers