BC Jindal Group, a diversified business conglomerate, on Thursday announced its plan to invest $2.5 billion in India’s renewable energy sector over the next five years.
According to a statement, the group will venture into the sector by launching Jindal India Renewable Energy, which aims to generate 5 gigawatts of power from solar, wind and hybrid platforms.
“As India aims to install 500 GW of renewable energy capacity by 2030, Jindal India Renewable Energy’s entry into the segment will give a boost to the mission,” said Shyam Jindal from BC Jindal Group in a statement.
The company will also manufacture photovoltaic cells and solar modules. It will also develop Fast DC rapid charging modes in its commitment to uphold sustainability and achieve decarbonization.
“As technology improves in this sector and demand increases, we aim to act as a key player in the renewable energy sector by leveraging the strength of our existing power company,” said JIRE Executive Director Punit Gupta in the statement.
The BC Jindal Group, the parent of JIRE, has a 1,200 MW thermal power generation portfolio in Angul, Odisha.
Originally a steel pipe and fittings manufacturer, the group was founded in 1952 and has grown into one of India’s leading conglomerates with a significant presence in the power sector.
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