JSW Steel plans to raise $500 mn by dollar green bonds

27 Jul 2021 CW Team

JSW Steel plans to issue sustainable bonds and raise $500 million in the abroad markets. The steel company has set a goal to become carbon neutral and decrease carbon emission at JSW coated 40% by 2030.

Apart from recycling every solid waste produced and accomplishing zero discharge from the plant, the firm also plans to restore thermal energy with renewable power to decrease its carbon footprint.

JSW Steel would be spending Rs 445 crore to pull up a 26% stake in the JSW Energy subsidiary. It would be establishing 1 GW of wind and solar projects at different locations where steel plants are already set up.

The investment in JSW Energy subsidiaries would meet sustainable energy sourcing and bring down the power cost by Rs 1.30 units.

The government has instructed each company to utilise thermal power to source 21% of their total power needs from renewable sources by 2030.

To source 21% of their total power needs from renewable sources by 2030, the government has instructed each company to utilise thermal power.

Seshagiri Rao, Joint Managing Director, JSW Steel, explaining the recent Rs 750 crore investment in JSW Paints, told the media that JSW Steel demand for industrial paint increased more than four times to 60,000 kilolitre in the previous years. However, the market supply was adequate. When established, JSW Paints had 1.25 kilolitre but only 25,000 kilolitre of developed industrial paints.

Rao said JSW Steel reached 10-15 years of guarantee for the colour coated goods due to the back-to-back arrangements among JSW Paints, which also established an R&D centre at the Vasind steel plant to produce anti-dust and antimicrobial type paints.

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Also read: JSW Steel reports 62% y-o-y jump at 4.93 mt in Q1 FY22

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