Vedanta-Iron and Steel signs MOU with IIT-B to develop technology for 'Green Steel 'production

Vedanta-Iron & Steel Business has partnered with IIT, Bombay for an R&D project to develop cost-effective technology for producing Green Steel using Hydrogen thereby targeting significant carbon footprint reduction in Iron and Steel space. Vedanta-Iron and Steel and IIT - B will also collaborate on exchange of knowledge and technology for process innovation and excellence.

The First project kick- off meeting between Vedanta-Iron & Steel leadership team and IIT-B senior officials took place virtually and was chaired by Mr. Sujal Shah - CEO, Sesa Goa Iron Ore Business, Vedanta Limited and Prof. Arindam Sarkar, IIT-B along with the project team.

This engagement with IIT- B is a significant step which is aligned with Vedanta's vision of achieving carbon neutral operations by 2050 & Country's goal of producing Green Hydrogen and aims to create benchmark transformation in steel making process.

Mr. Sauvick Mazumdar, CEO, Iron & Steel Sector, Vedanta Limited said "At Vedanta, we are fully committed towards our ESG goal of achieving 'Carbon Neutrality' by 2050 or before, and this engagement with IIT-B is a massive step forward in our endeavour to adopt 'Green Technologies' to significantly reduce the carbon footprints. I congratulate my Iron & Steel Business team and IIT-B for this fruitful association which will surely lay foundation for yet another landmark transformation for metal & mining industry."

Prof. Milind D. Atrey, Dean R&D, IIT Bombay expressed his excitement for this strategic alliance with Vedanta-Iron & Steel Business. He said "I really commend Vedanta- Iron & steel Business for this proactive step towards R & D for Green Steel making which will prove to be a key landmark in creating greener future. We at IIT Bombay are extremely happy to be associated with this unique endeavour."

Vedanta's Iron and Steel Business has implemented several high impact initiatives towards adoption of most sustainable business practices such as systematic reclamation of One of the largest open cast Iron Ore Mine in Goa, 60 MW clean power generation through waste heat recovery power plants, State-of-the-art Environment management practices and much more over the decades.

Shares of Vedanta Limited was last trading in BSE at Rs. 262.75 as compared to the previous close of Rs. 262.50. The total number of shares traded during the day was 1230310 in over 19302 trades.

The stock hit an intraday high of Rs. 266.80 and intraday low of 254.65. The net turnover during the day was Rs. 318313096.00.

Source : Equity Bulls

Keywords

Vedanta INE205A01025 VEDL IITBombay IronandSteel GreenSteel