Bhilai Steel Plant and Ramcharan have joined forces to establish a joint venture focused on carbon capture initiatives – EQ
In Short : Bhilai Steel Plant has joined forces with Ramcharan to establish a joint venture focused on carbon capture. This collaboration underscores their commitment to sustainable industrial practices. By working together on carbon capture initiatives, they aim to reduce carbon emissions and mitigate their environmental impact. This joint venture represents a significant step toward promoting cleaner and more responsible industrial processes, contributing to environmental conservation and sustainability goals.
In Detail : This will lead to an investment of Rs 6,000 crore in the form of equipment from Ramcharan
Chennai-headquartered firm Ramcharan Company on Thursday tied up with Bhilai Steel Plant (BSP) for the complete management of Greenhouse Gas Emissions, converting them to value-added products and fuel for the Bhilai Steel Plant with no residue left behind.
This will lead to an investment of Rs 6,000 crore in the form of equipment from Ramcharan.
The agreement signed between Bhilai and Ram Charan will lead to a 25 tpd (tonnes per day) unit being set up at Bhilai and then being scaled up to a 200,000 tpd unit to manage their complete emissions, and make the plant carbon-neutral within a span of a year. This is the first such effort globally by a steel plant and a firm step forward in helping India achieve a carbon-neutral position.
The Steel Authority of India Limited has taken a firm step forward in managing greenhouse gases, working closely with Ram Charan’s team to ensure this is completed and is the first such effort globally.
In December 2021, the relatively unknown Ramcharan Company made headlines by securing a $4.14 billion investment for a 46 per cent stake from US-based fund TFCC International, raising the company’s valuation to over $9 billion.