Jindal Steel & Power inches up on signing MoU with Greenko Group

Jindal Steel & Power is currently trading at Rs. 440.90, up by 1.40 points or 0.32% from its previous closing of Rs. 439.50 on the BSE.

Jindal Steel Power
Jindal Steel Power

The scrip opened at Rs. 437.50 and has touched a high and low of Rs. 441.10 and Rs. 435.75 respectively. So far 12043 shares were traded on the counter.

The BSE group ‘A’ stock of face value Rs. 1 has touched a 52 week high of Rs. 577.70 on 11-Apr-2022 and a 52 week low of Rs. 304.20 on 22-Jun-2022.

Last one week high and low of the scrip stood at Rs. 447.30 and Rs. 429.20 respectively. The current market cap of the company is Rs. 44832.87 crore.

The promoters holding in the company stood at 60.44%, while Institutions and Non-Institutions held 26.40% and 13.16% respectively.

Keeping in line with its goal to become a net zero steel company by 2035, Jindal Steel & Power (JSP) has signed an memorandum of understanding (MoU) with Greenko Group to facilitate 1000 MW of Carbon-free energy for its steel-making operations at Angul, Odisha.

India’s leading energy transition company, Greenko will assist JSP in the design of the comprehensive energy solution including the design & development of the associated RE capacity, identification of potential strategic investor(s) for the RE capacity and making available energy storage capacity.

The proposed 1000 MW carbon-free energy is targeted to meet the existing and incremental power demand of JSP’s Angul facility. This is amongst the largest commitment by any Indian Industrial Group, particularly steel producers in India, to use clean energy in core industrial processes.

Once completed, it will ensure the reduction of approximately 7 million tonnes of CO2 annually. As part of the proposed transaction, Greenko Group shall offer energy storage capacity from its Off Stream Closed Loop Pumped Storage Project (OCPSP) under development in Madhya Pradesh and Rajasthan.

Jindal Steel & Power is one of India’s fastest growing and largest integrated steel manufacturers, significantly present in Steel, Power Generation and Infrastructure segments and catering to a large part of India’s domestic energy and infrastructure requirement.

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