Ramkrishna Forgings is planning a multi-billion investment to build 85 MW of renewable energy capacity in a year.

The company aims to implement the plan in the next 12 months, Hetan said.

Of the planned 85 MW of green power, about 8 MW of the rooftop solar project will be installed at the company’s forging plants in Sariekella and Dugni in Jamshedpur, he said.

“The total cost of the 8MW project is around Rs 35 crore, which will be financed through a mix of debt and equity,” said Kehtan, executive director of the company.

The generated electricity will be used for consumer consumption, reducing the company’s dependence on grid electricity, he said.

Asked if the company is planning more green projects to increase its use of clean energy, Khetan said yes.

“Our commitment is based on responsible business practices and our commitment to reduce our carbon footprint. We are looking at setting up another solar capacity of up to 75 MW in Jamshedpur,” he said.

However, a company official did not provide any financial details about the 75 MW renewable energy capacity.

According to industry estimates, an investment of around Rs 5 crore is required to set up a 1 MW solar project. “These projects will help achieve the goal of carbon neutrality by 2030,” he said.

Kolkata-based Ramkrishna Forgings is a manufacturer and supplier of closed forgings in carbon and alloy steel, microalloy steel and stainless steel.

The company is also present in countries such as USA, Mexico, Istanbul, Turkey and Belgium.