JSW Steel likely to invest ₹45 billion in joint venture with JSW Energy

JSW Steel will invest Rs. 4,500 crore in a joint venture with JSW Energy to modernise its iron ore mining operations and boost green power generation.

To reduce carbon emissions, the company plans to invest 3,500 crore in high-end machines at its iron ore mines, set up a beneficiation plant of 30 million tonnes (mt), digitise entire mining operations, and deploy electric vehicles for ore movement.

The 12,000 crore green energy project will be funded by 9,000 crore in debt and 3,000 crore in equity. JSW Steel will invest about 1,000 crore in these projects, taking a 26% stake.

JSW Steel has set a target of sourcing 6,000 MW of green power and already generates about 2,000 MW by recycling heat generated at steel plants. It had invested 450 crore in a special purpose vehicle set up by JSW Energy to source 958 MW of solar and wind power. A 225 MW solar project was recently completed, with the remaining capacity expected to be completed gradually over the next year.

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