JSW Group to Invest Rs.60,000 Crore in Green Steel Facility in Salav Village, Maharashtra
The JSW Group, led by Sajjan Jindal, is investing between Rs 50,000 and Rs 60,000 crore to establish a 10 million tonnes per annum (mtpa) green steel facility in Salav village, Raigad district, Maharashtra.
At the Indian Chamber of Commerce's centennial celebration on Tuesday, JSW Group Chairman Sajjan Jindal stated that the factory will serve Europe, which is currently enforcing the Carbon Border Adjustment Mechanism (CBAM).
“We will set up a separate steel plant which will be 10 million tonnes per annum steel plant only for green steel and it will export into Europe,” Jindal said.
Through a methodology for calculating embedded emissions, the European Union's (EU) Carbon Border Adjustment Mechanism (CBAM) seeks to lower carbon emissions, place a fair price on the carbon emitted during the production of carbon-intensive goods imported into the EU, and promote cleaner industrial production.
The factory, according to Jindal, is a component of the brownfield development and will require an investment of between Rs 50,000 and Rs 60,000 crore over three to four years.
The factory will initially run on natural gas, but it will be equipped with the technology to convert to hydrogen when zero carbon steel is required.
“It’s a 3-4 year situation. This kind of hiccup which is happening is because Trump does something yesterday and then today morning will do something and today evening again something else. So, this will stabilize. He loves to negotiate,” he said.
Jindal described the uncertainties brought on by US President Donald Trump's tariff rollout as a transitory stage.
However, Jindal stated that he does not anticipate significant global disruption as a result of tariffs.
“The opportunity for India is going to be that this time it won’t be a China plus one, it will be India minus China,” he said.
He thinks that the Indian sector has the potential to truly replace China if it can meet the challenge.
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According to Jindal, the company intends to produce battery cells for electric vehicles. "We are currently using Chinese technology to develop the cells." To create these cells in India, the organization is already in talks with a few Korean businesses.