Steel Giant Mittal Shows Interest in Setting Up Solar Plant

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The steel giant has plans to invest Rs 19,000 crore for the same

Global steel giant ArcelorMittal’s executive chairman L N Mittal has met Rajasthan’s chief minister Ashok Gehlot and expressed interest in setting up a 4,500 MW solar park in the state. The steel giant has plans to invest Rs 19,000 crore for the same.

Held at Gehlot’s residence, the CM also encouraged Mittal to look towards possible investments in the mining sector as well. The CM, as per various media reports, explained the incentives of investing in the state to Mittal.

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ArcelorMittal has recently decided to cancel 70 million treasury shares to keep the number of treasury shares within appropriate levels. This cancellation also takes into account the US$2.2 billion share buyback announced on 29 July 2021.

The company has recently completed its second investment in the recently launched XCarb innovation fund, serving as lead investor in Form Energy’s $200 million Series D financing round, with a $25 million equity injection.

Form Energy, which was founded in 2017 is working to accelerate the development of its breakthrough low-cost energy storage technology to enable a reliable, secure, and fully-renewable electric grid year-round. The company had unveiled a new iron-air battery which it claims to be low-cost (approximately one-tenth the cost of lithium-ion battery technology); has multi-day reliability (100-hour duration hence overcomes the intermittent nature of renewable energy generation); scalable; and can be sited anywhere.

ArcelorMittal has been busy investing haviy in decarbonisation technologies around the world. It had recently announced an investment of CAD$1.765 billion in decarbonisation technologies in Canada.

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Mukul Yudhveer Singh
Mukul Yudhveer Singh
Mukul Yudhveer Singh is an Editor at EFY. He’s an experienced business journalist who is both an enthusiast and a cynic of technology. Believes in data, as well as hunch-based journalism. He defines journalism as- reporting facts which help the audience take their own decisions, not ones that influence them!

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