BC Jindal Group Invests Rs 15K Cr in RE Component Manufacturing

New Delhi, Apr 15 (PTI) BC Jindal Group on Tuesday announced its foray into renewable energy component manufacturing space with a plan to invest Rs 15,000 crore by 2030.

In a move to expand its business portfolio, the group will diversify and commence manufacturing of key components, including solar cells and modules, storage battery cells, and assembly and solar glass, the company said in a statement.

BC Jindal Group, India's leading conglomerate with over Rs 18,000 crore annual turnover, has announced its strategic entry into component manufacturing for renewable energy power generation, the statement said.

The group aims to achieve capacity additions with investments to the tune of Rs 15,000 crore by 2030, it stated.

In the first phase of the project, the group aims to deploy an investment of Rs 4,000 crore to kickstart its renewable energy component manufacturing venture.

This phase will include setting up 2 GW of solar cell manufacturing/ solar module production, 4 GWh of battery storage capacity, and a solar glass manufacturing unit with a capacity of 1,200 tonnes per day.

"Our foray into the renewable energy component manufacturing sector is a reflection of our unswerving commitment towards supporting India's vision of installing 500 GW of renewable energy capacity by 2030. At BC Jindal, we foresee a rising demand for end-to-end products and plan to leverage our expertise in the renewable energy space to offer sustainable solutions," a BC Jindal Group spokesperson said.

The conglomerate announced that it has shortlisted two states -- Maharashtra and Gujarat -- to set up production facilities for renewable energy equipment manufacturing.

"Approximately 40 per cent of the manufacturing output is likely to be captively consumed for our renewable energy generation projects," the spokesperson added.

Recently, the group's renewable energy arm, Jindal India Renewable Energy (JIRE), secured a 300 MW solar-plus-battery energy storage project (BESS) from NHPC, signalling its expertise in large-scale renewable projects.

Last year, the group launched JIRE with an aim to generate 5 GW of power through solar, wind, hybrid, and FDRE (Firm & Dispatchable Renewable Energy) solutions to boost the country's decarbonisation goals and support its transition to clean energy.

For this, BC Jindal Group had planned to invest USD 2.5 billion in the renewable energy sector over the next five years to meet India's growing energy demand while enhancing grid stability through battery energy storage systems.

Additionally, JIRE is strengthening its presence in renewable energy-rich states by developing projects connected to Central Transmission Utility (CTU) and State Transmission Utility (STU) networks.