JSW Steel, Bharatia, and Carbon Iceland Sign Strategic MoU for Green Methanol Project in India
In a major move toward industrial decarbonization and developing next-generation green fuel infrastructure, JSW Steel Limited, Bharatia, and Carbon Iceland International signed a strategic Memorandum of Understanding (MoU). The agreement was finalized in Oslo, Norway, during the 3rd India-Nordic Summit, aiming to jointly develop a large-scale green methanol (eMethanol) project in India.The signing took place amidst the presence of the Prime Minister of Iceland, Hon. Kristrún Frostadóttir, and the Icelandic Ambassador to India, H.E. Benedikt Höskuldsson, highlighting growing cooperation between India and Iceland in sustainable fuels and climate technology. Senior representatives from the three entities present at the signing included Mr. Sanmit Ahuja, MD & CEO of Bharatia; Mr. Naresh Lalwani, EVP of JSW; Mr. Hal Oskarsson, CEO of Carbon Iceland; and Mr. Björn I. Victorsson, Chairman of Carbon Iceland.
Project Scope and Objectives
The proposed initiative centers on developing a 300 KTPA green methanol project. This endeavor is designed to utilize carbon dioxide (CO₂) emissions generated from JSW Steel's operations in Raigad, Maharashtra. These captured emissions will be converted into eMethanol using green hydrogen sourced from renewable energy.The collaboration seeks to establish a scalable carbon capture and utilisation (CCU) pathway for the steel sector. Furthermore, the project aims to support India's wider energy transition and industrial decarbonization ambitions by transforming industrial emissions into low-carbon fuels and chemical feedstocks.
The initial scope of the project involves evaluating the use of an existing high-purity CO₂ stream from the JSW Steel facility, while also assessing opportunities to capture additional CO₂ emissions from broader steel manufacturing operations.
Complementary Strengths of the Consortium
The partnership leverages complementary expertise across industrial operations, technology commercialization, and carbon utilization.| Partner | Core Contribution | Role in the Project |
|---|---|---|
| JSW Steel Limited | Large-scale industrial infrastructure and operational capabilities. | Brings its standing as one of India's leading steel manufacturers. |
| Bharatia | Policy, technology, and finance expertise. | Will support project development, implementation architecture, ecosystem integration, and establishing financing pathways. |
| Carbon Iceland International | Expertise in carbon capture, e-fuels production, and industrial decarbonisation. | Acts as the technology project developer for carbon capture integration and e-fuels production pathways. |
The parties confirmed that the initiative aligns with global efforts to develop low-carbon fuels for shipping, industry, and hard-to-abate sectors. The MoU further outlines a phased development pathway, progressing from feasibility assessment and technical validation toward potential future commercial-scale implementation.
This strategic agreement reflects strengthening industrial and climate cooperation between India and the Nordic region, reinforcing India's role as an emerging hub for deploying scalable decarbonization solutions.
JSWSTEEL Stock Price Movement
Shares of JSW Steel Limited are edging higher to ₹1287.5 as of 1:50 PM today, gaining 0.16% in live trading. The stock finds strong buyer interest, supported by a robust volume of 567,106 shares traded throughout the session.Disclaimer: Due care and diligence have been taken in compiling and presenting news and market-related content. However, errors or omissions may arise despite such efforts.
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