JSL’s Hisar plant to be hub for green hydrogen production
NEW DELHI : Jindal Stainless Ltd is set to upgrade its facilities in Hisar, Haryana as a green hub for manufacturing in a couple of years, in preparation for the new European carbon tax that starts in 2026, said managing director Abhyuday Jindal.
The company on Monday inaugurated India’s first green hydrogen stainless steel plant in partnership with Hygenco India Pvt. Ltd at Hisar. It also initiated the process for setting up a 200MW, round-the-clock renewal power facility in Jajpur, Odisha.
“For RTC, 200MW we’ve already initiated for Jajpur, and another 100MW we are looking at the moment for our Hisar facilities… But that is still some time away, maybe a year or two years,” Jindal said.
JSL has two manufacturing facilities in India–one at Jajpur in Odisha and the other at Hisar.
The Carbon Border Adjustment Mechanism, meant to make manufacturers exporting to Europe pay a carbon price for greenhouse gas emissions, will start in 2026.
“Till then we as a company are ready in terms of reporting (and) in terms of our investments… but we are waiting to know what exactly the impact will be like,” Jindal said.
JSL’s green hydrogen facility is expected to reduce carbon emissions over the next 20 years, as it is projected to cut about 2,700 metric tonnes of carbon emissions annually and a total of 54,000 tonnes of CO2 emissions.
The green hydrogen plant is a crucial step toward achieving net-zero emissions and promoting sustainable practices in the manufacturing sector, Jindal said.
The company, by spending about ₹700 crore on its green projects, will achieve 50% of its net-zero emission target by 2035, he added.
JSL is also in negotiations with automakers, the Railways, and other infrastructure companies to provide steel manufactured from its green facilities for exports.
“There have been some talks with our customers where they want some green steel more internationally, not so much in the domestic market but more globally,” Jindal said. “We are in touch not just with automakers, but also Railways and other infra customers. This is only for international usage and not so much for domestic.”
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Published: 04 Mar 2024, 02:44 PM IST
Ganesh
http://ganesh@finplay.inFinance enthusiast, Mutual fund expert.