BC Jindal Group enters renewable energy sector with USD 2.5 bn investment

New Delhi: BC Jindal Group on Thursday announced its foray into India's renewable energy sector, with a plan to invest USD 2.5 billion in the next five years.

With an existing portfolio of 1,200 MW thermal power generation in Angul, Odisha, BC Jindal Group has floated a dedicated entity to hold the renewable venture of the group, a statement said.

The group plans to invest around USD 2.5 billion in the renewable energy sector, in the next 5 years, the statement added.

BC Jindal Group, India’s leading conglomerate, with over Rs 18,000 crore turnover, will oversee the renewable power generation and solar cells and module manufacturing businesses.

Jindal India Renewable Energy (JIRE) aims to generate 5 GW of power from solar, wind, hybrid and FDRE modes, to uphold responsible environmental care while achieving decarbonisation, it stated.

Along with this, JIRE will also manufacture PV Cells and Modules to tap into the solar demand.

Punit Gupta, Executive Director, JIRE, said, "To address India’s current energy requirement, brown energy is still dominant...we aim to act as a key player in the renewable energy sector by leveraging the strength of our existing power company..." JIRE operates under the BC Jindal Group, founded in 1952 by BC Jindal.