Transitioning towards renewable energy, India’s Vedanta Ltd would no longer add coal-fired capacity in its aluminium business, said John Slaven, the company’s CEO.
In an interview with Reuters, the CEO said Vedanta Aluminium aims to increase its share of renewable energy to 30% by 2030.Slaven informed that Vedanta was securing supplies of 1.3 GW of renewable energy. The energy is sourced from India’s Serentica Renewables and is a mix of solar and wind power.
He added, “We don’t want to add additional thermal power. We have got to really increase our renewables, so that’s the focus.”
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The company also plans to increase its production capacity to capitalize on India’s strong demand for aluminium. It hopes to raise its aluminium production capacity to 3 million metric tons by 2026, up from 2.4 million tons now.
It also expects to raise its smelting capacity to 3 million tons from 2.4 million tons.
Slaven added that Vedanta Aluminium would boost its refining capacity to 6 million tons by 2026 from 2 million tons.
Although the company buys bauxite locally, it also relies on imports of the mineral. Bauxite is used to produce alumina, which serves as the feedstock for aluminium.
Additionally, Hindalco Industries, India’s No.2 aluminium maker, would also largely rely on renewable power for any new capacity at its smelters, said a company spokesperson.