JSW Steel, Bhartaia and Carbon Iceland International sign strategic MOU.

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AI summary

JSW Steel has signed an MoU with Bharatia and Carbon Iceland International to explore developing a 300 KTPA green methanol (eMethanol) project in India. The project will capture CO2 emissions from JSW Steel's Raigad, Maharashtra facility and convert them into eMethanol using green hydrogen from renewable energy. The signing took place at the 3rd India–Nordic Summit in Oslo, Norway, witnessed by Iceland's Prime Minister. The collaboration is currently in early feasibility and technical validation stages before potential commercial implementation. JSW Steel aims to reduce its carbon emissions by 42% by 2030 and achieve net zero by 2050.

Likely market impact

This is a strategic exploration agreement for a decarbonisation initiative; no binding investment or JV commitment has been made yet. The MoU signals JSW Steel's commitment to sustainability but does not immediately affect financial performance or trigger any shareholder action.