Synergy Steels, the fourth-largest stainless steel manufacturer in India, has welcomed the growth of renewable energy in India as the installed capacity nears the 200-GW mark. Non-fossil renewable capacity had reached 199.58 GW by 31 August 2024, putting India fourth globally in terms of renewable capacity, says a report quoting the Central Electricity Authority, or CEA. Synergy Steels Managing Director, Subhash Chand Kathuria, explained how this growth has shaped up by saying that the renewable capacity has risen 165 percent over the last decade. Government support with very short, medium, and long-term policies, along with a friendly environment to adapt to various technologies, will help India swiftly move toward achieving the 2030 target of 500 GW of renewable energy capacity.
Kathuria emphasized how stainless steel, considered resistant to heat and corrosion, with low maintenance and longevity, is crucial in renewable energy infrastructure applications such as pumps, tanks, and pipes. Such demand growth increases the stainless-steel applications in solar panels, electric vehicles (EVs), and allied charging infrastructure. India’s stainless steel industry will be further decarbonized by EAF adoption using renewable energy sources aligned with sustainable goals for the country.
Director Anubhav Kathuria at Synergy Steels “renewable energy will create a resilient and greener energy grid”. He found forecasts that 10 mn units/annum of Indian EVs by 2030 would be enough to sustain a 3.1% CAGR in demand for steel for automotive parts till 2032. PLI scheme and the ALMM have spurred the rise in domestic manufacturing of solar modules, as every new megawatt of solar power installs 35-45 tons of steel, which is conventionally replaced with stainless steel for greater strength.
Indian government increased budgetary provisions significantly to support the green energy shift, which includes Rs 10,000 crore under the Union Budget 2024-25 for solar power and another Rs 75,000 crore by unveiling new PM-Surya Ghar Muft Bijli Yojana in February 2024. These investments show the assurance of the government for sustainability and its efforts towards net-zero. Synergy Steels will further enhance this by bringing alternative energy sources into its own business.
Synergy Steels was founded in 1973, with a focus on providing long products of stainless steel. The company enjoys top-of-the-line infrastructure with over 250,000 tonnes of aggregate capacity. It caters to construction, infrastructure, energy, and manufacturing sectors through strict adherence to quality and safety standards. The company is also ISO 9001:2015 certified. Synergy Steels is deeply committed to Environmental, Social, and Governance principles that strengthen the association with India’s vision for a sustainable energy ecosystem.