Page 30 - Plastics News February 2025
P. 30
COMPANY NEWS
Welspun New Energy Secures ₹13,500
Crore Green Energy Deal in Odisha.
elspun New Energy, the green ener- tion. The pumped storage system will leverage
gy arm of Welspun World, has signed natural elevation differences to store excess so-
Wa `13,500 crore Memorandum of lar and wind energy, ensuring stability during low
Understanding (MoU) with the Odisha govern- generation periods.
ment to develop large-scale renewable energy
projects in the state. The agreement was final- The initiative aligns with India's goal of reaching
ized at the Make in Odisha Conclave 2025 in the 500 GW of renewable energy capacity by 2030
presence of Chief Minister Mohan Charan Majhi. and supports Odisha’s ‘Viksit Odisha 2036’ vi-
sion to establish the state as a green energy hub.
Kapil Maheshwari, Executive Director & CEO of
Welspun New Energy, highlighted the projects'
role in strengthening Odisha’s energy security
and creating job opportunities. The company,
formerly known as Welspun Energy, had an op-
The investment will fund a 1,200 MW Pumped erational capacity of 1.1 GW in 2016 and now aims
Hydro Storage project and a 1,000 MW Floating to scale up to 5 GW of renewable energy and 2
Solar Power project, boosting Odisha’s energy MTPA of green derivatives capacity by 2030.
storage capacity and renewable energy integra- Source – newsonprojects.com
Budget 2025: Plastics manufacturers
seek PLI to scale up global presence
hey have also sought lowering of GST to In a pre-budget consultation meeting with the
5%, from 18%, on the conversion cost of Union Finance Minister Nirmala Sitharaman, All-
Trecycled plastic granules, and providing a India Plastics Manufacturers' Association (AIP-
20% subsidy to purchase capital equipment for MA) said it has asked the government to reduce
recycling GST to 'nil' for plastic waste as well as recycling
machinery, to encourage recycling.
All-India Plastics Manufacturers' Association on
Monday urged the government for a production- Besides, it has also sought lowering of GST to
linked incentive scheme for the sector in the up- 5 per cent, from 18 per cent, on the conversion
coming Budget 2025, to increase India's share in cost of recycled plastic granules, and provid-
the global plastics market. ing a 20 per cent subsidy to purchase capital
30 PLASTICS NEWS February 2025
