Jindal Stainless To Invest ₹1.32 Billion In Renewable Energy Project

Jindal Stainless Ltd. on Monday said it will invest up to ₹1.32 billion to set up an inter-state wind-solar hybrid captive project to meet its power needs.

The company has acquired a 33.64% stake in special purpose vehicle Oyster Green Hybrid One Pvt. Ltd., which will develop a 282 MW project, it said in an exchange filing. In the current phase, ₹792 million is being invested on milestone achievement.

Jindal Stainless expects to source over 700 million units of power annually from the project, which is likely to be commissioned in the October–December quarter.