Tuesday, Jul 23 2024 | Time 23:58 Hrs(IST)
image
Business Economy


Shree Cement to invest Rs 1000 cr to install additional 202 MW renewable energy capacity

Shree Cement  to invest Rs 1000 cr to install additional 202 MW renewable energy capacity

Hyderabad, June 24 (NI) Shree Cement Ltd, India’s third largest cement manufacturer by capacity, on Monday said it has plans to invest Rs 1000 crore in FY25 to install an additional 202 MW of renewable energy capacity.

This will include 132 MW solar capacity in five states - Jharkhand, Haryana, Rajasthan, Uttar Pradesh, and Uttarakhand while 36 MW of wind generation in Rajasthan and 34 MW of waste heat recovery capacity in Karnataka and Rajasthan, the company said in a release here.

It also announced that it has achieved a significant milestone of one GW (1,000 MW) of installed power capacity.

This accomplishment was marked by the commissioning of a 19.5 MW solar power plant at its manufacturing unit in Andhra Pradesh.

The 1 GW capacity includes a mix of solar, wind, thermal, and waste heat recovery power plants, showcasing Shree Cement’s diversified approach to meeting the electricity demand for cement production.

Significant investments totaling Rs 4000 crore have been made to expand the renewable portfolio, which now accounts for nearly 50 percent of the installed power capacity at 499 MW.

Notably, Shree Cement’s 244 MW capacity from waste heat recovery is one of the highest in the global cement industry.

Commenting on this milestone, Neeraj Akhoury, Managing Director, of Shree Cement said, “Achieving a power capacity portfolio of this size ensures that we have abundant electricity to not just power our existing cement production but also our expansion projects. We will contribute the surplus power to states and the central grid.”

“Significant integration of green electricity has helped us produce cement more sustainably and cost-effectively. Today nearly 56 percent of our power requirement is met from renewable resources, which is the highest in the Indian cement industry. We aim to set a benchmark for sustainability within the cement sector and inspire positive change throughout the industry,” he added.

Recently, Shree Cement announced its membership in the RE100 initiative, committing to harness 100 percent renewable electricity for its entire operations by 2050.

UNI KNR BD ARN

More News
Mixed reaction to Union Buduget from industrialists, businessmen

Mixed reaction to Union Buduget from industrialists, businessmen

23 Jul 2024 | 8:07 PM

Mumbai, Jul 23 (UNI) There was a mixed reaction to the Union Buduget for financial year 2024-25 presented by Union Finance Minister Nirmala Sitharaman in parliament on Tuesday from industry captains and businessmen.

see more..

Looking at new avenues for revenue mobilisation: FM

23 Jul 2024 | 7:25 PM

New Delhi, July 23 (UNI) The government is looking at generating resources from newer areas including widening of the tax net, Finance Minister Nirmala Sitharaman on Tuesday during her post-Budget media interaction.

see more..
Sensex crashes in intra-day on budgetary proposals; recovers to close 73 points down

Sensex crashes in intra-day on budgetary proposals; recovers to close 73 points down

23 Jul 2024 | 7:16 PM

Mumbai, July 23 (UNI) India’s benchmark indices remained under pressure for the third consecutive session on Tuesday as the BSE Sensex ended lower 73.04 points to settle at 80,429.04 as the union budget of Modi 3.0 failed to bring cheers among investors mainly due to budgetary proposal to increase the capital gains tax.

see more..

Progressive, growth oriented, inclusive budget : TAFE CMD

23 Jul 2024 | 6:16 PM

Chennai, July 23 (UNI) TAFE Chairman and Managing Director Ms. Mallika Srinivasan sincerely
commended Union Finance Minister Nirmala Sitharaman for presenting a progressive, growth oriented and inclusive budget.

see more..

Coromandel Intl welcomes Union Budget

23 Jul 2024 | 5:35 PM

Chennai, july 23 (UNI) Coromandel International Ltd, India’s leading agri solutions provider, on
Tuesday welcomed the Union Budget presented by Finance Minister Nirmala Sitharaman.

see more..
image