Jindal Stainless Limited (JSL) has acquired a stake in a special purpose vehicle (SPV) to develop 282 megawatts (MW) of hybrid renewable energy, marking a major step in the company's clean energy transition strategy.
In a regulatory filing on Tuesday, June 3, JSL announced that the SPV was formed in collaboration with Oyster Renewable Energy Private Limited, and is expected to generate approximately 700 million units of clean power annually for the company’s manufacturing operations.
As part of the deal, JSL has invested INR 792 million ($9.25 million) as the first tranche, with the total project cost estimated at INR 1.32 billion ($15.41 million). The project is scheduled for completion in the third quarter of the 2025–26 fiscal year.
The company highlighted that the project will significantly reduce its dependence on grid power and lower its energy costs over time.
"This initiative is aligned with our long-term goal of transitioning to renewable energy and achieving net-zero carbon emissions by 2050," JSL said in its statement.
The investment reinforces JSL’s commitment to sustainability, as India’s industrial sector continues accelerating its shift toward low-carbon manufacturing solutions.
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