SMPL
New Delhi [India], November 15: Synergy Steels, India's fourth-largest stainless-steel manufacturer, applauds India's commendable growth in the renewables sector, which is nearing a capacity of 200 GW. The latest data from the Central Electricity Authority's (CEA) monthly report from August 2024 shows that non-fossil renewable installed power stood at 199.58 GW. The break-up includes renewable energy sources--small hydro, bio, solar, and wind, at 152.6 GW. India now ranks fourth worldwide in renewable energy installed capacity.
Subhash Chand Kathuria, Managing Director of Synergy Steels, said, "India's renewable energy capacity has seen a 165% upswing in the past decade. This growth is driven by a range of the government's short, medium, and long-term targets and is facilitated by a conducive policy ecosystem and rapid technological adoption. With our installed capacity reaching the milestone of 200 GW, India's focus now shifts towards achieving the 2030 target of hitting the mark with 500 GW of renewable capacity. Continued utilization of a blended energy mix comprising solar, hydrogen, biogas, and wind sources can help India reach this threshold. This shift towards cleaner power generation and technologies will further spur the demand for advanced equipment and machinery like pumps, tanks, pipes, etc, which rely on stainless-steel for its superior performance. Its heat and corrosion resistance, low maintenance costs, and extended life make stainless steel a key material in the infrastructure supporting renewable energy. The expanded use of renewable energy technologies will feed back into the decarbonization of the stainless-steel industry by adopting technologies like Electric Arc Furnaces (EAF) powered by renewable energy. Additionally, stainless-steel's 100% recyclability ensures minimal environmental impact, aligning perfectly with India's vision to establish a sustainable and economically viable energy ecosystem."
Anubhav Kathuria, Director of Synergy Steels, underscored the critical role of renewable energy-led economic growth, stating, "The transition to renewable energy sources is essential to achieve a balance with non-renewable resources, which have long dominated our energy landscape for establishing a cleaner, more resilient energy grid. A grid powered by at least 80% clean electricity from wind, solar, storage, and other zero-carbon technologies can ensure resource adequacy and maintain grid stability. We look forward to a new wave in manufacturing across various segments, particularly for solar panels, electric vehicles (EVs), and charging infrastructure. Projections suggest that India's EV market could reach annual sales of 10 million units by 2030. This clips the stainless-steel demand in the automotive components at a 3.1% CAGR till the fiscal 2032. Significant progress is also being made in solar module manufacturing, propelled by government initiatives such as the Production-Linked Incentive (PLI) scheme and the Approved List of Models and Manufacturers (ALMM). Each new megawatt (MW) of solar power needs between 35 to 45 tons of steel, which is increasingly being substituted with stainless steel for its durability and versatility. This conducive policy environment is expected to enhance domestic manufacturing, strengthening India's competitive position in the global renewable energy market. By integrating stainless-steel into the renewable energy supply chain, India is laying the groundwork for a robust, cost-efficient, and future-ready energy ecosystem."
The government has been generously allocating funds to meet the renewable targets. In the Union Budget 2024-25, it set aside INR 10,000 Cr for the Centrally Sponsored Scheme for Solar Power (Grid), an increase of 110% from the INR 4,757 Cr allocated in the Union Budget 2023-25. A new PM-Surya Ghar Muft Bijli Yojana was launched in February 2024 with an outlay of INR 75,000 Cr. This shows the government's commitment to sustainability. We at Synergy Steels are working towards furthering the government's net-zero emission goals with our plans of decarbonizing steelmaking. We are actively exploring and implementing alternative energy sources to meet part of our energy needs through renewables.
Established in 1973, Synergy Steels specializes and leads in long stainless-steel products in India. The company's diverse product portfolio includes billets, wires, wire rods, stainless steel rebars, bright bars, etc, among other products. Synergy Steels operates state-of-the-art facilities across India, boasting a combined capacity exceeding 250,000 tonnes. Emphasizing quality, the company upholds rigorous safety standards. Synergy Steels' products cater to construction, infrastructure, energy, and manufacturing sectors, supplying renowned processing mills across India and global markets. Committed to social responsibility and sustainable practices, the company prioritizes Environmental, Social, and Governance (ESG) initiatives. Certified with ISO 9001:2015, Synergy Steels Limited maintains cutting-edge industrial infrastructure featuring advanced, technology-driven machinery.
(ADVERTORIAL DISCLAIMER: The above press release has been provided by SMPL. ANI will not be responsible in any way for the content of the same)