Bharat Forge plans to increase renewable energy production by 700 MW
By MYBRANDBOOK
As Bharat Forge witnesses strong demand from the renewable and electric vehicle (EV) sectors, the auto components maker is planning to increase the production of renewable energy by 700 megawatts (MW) and its green steel production capacity to 100 percent from 30 percent now.
"We launched our green steel in December last year, where one of our plants was converted to produce green steel. Today, around 30 percent capacity is green steel. By the end of this year, 100 percent of our capacity will be green steel," said Amit Kalyani, Deputy Managing Director at Bharat Forge.
Bharat Forge plans to make three lakh tonnes of green steel initially and then add to it at different locations. At the Group level, Bharat Forge has so far invested in developing about 200 MW of renewable energy.
Green steel is steel manufactured without the use of fossil fuels andis produced by using low-carbon energy sources, such as hydrogen, coal gasification or electricity rather than coal-fired plants.
The Kalyani Group company Saarloha Advanced Materials (Saarloha), had announced that green steel will be produced at its electric arc furnace plant in Pune, Maharashtra. Saarloha Advanced Materials launched green steel under the brand Kalyani FeRRESTA on December 20. The company has invested Rs 400 crore in solar and wind energy to power its electric arc furnaces.
"This is an opportunity not just for us, but for the entire auto components industry. We have taken the lead in producing and supplying green components. There will always be a small segment of the consumer market that will be willing to adapt and accept green steel, and we are trying to address that segment,” he said.
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