JSW Steel has signed a strategic Memorandum of Understanding (MoU) with Bharatia and Carbon Iceland International to develop a large-scale green methanol project in India. The agreement, signed during the 3rd India–Nordic Summit in Oslo, Norway, on May 25, 2026, aims to advance industrial decarbonisation by converting carbon dioxide emissions into green fuel.

Project Scope and Capacity

The proposed project is designed with a capacity of 300 KTPA (kilo tonnes per annum). It will utilize carbon dioxide (CO₂) emissions generated from JSW Steel’s operations in district Raigad, Maharashtra. These emissions will be converted into eMethanol using green hydrogen produced from renewable energy sources. The initiative seeks to establish a scalable carbon capture and utilisation (CCU) pathway for the steel sector.

Strategic Collaboration

The partnership leverages the complementary strengths of the three entities involved:

• JSW Steel Limited: Provides large-scale industrial infrastructure and operational capabilities as one of India's leading steel manufacturers.
• Bharatia: Supports project development, implementation architecture, ecosystem integration, and financing pathways, operating at the intersection of policy, technology, and finance.
• Carbon Iceland International: Acts as the technology project developer, bringing expertise in carbon capture integration, e-fuels production, and industrial decarbonisation pathways.

Decarbonisation Goals

The MoU outlines a phased development pathway, progressing from feasibility assessment and technical validation towards potential future commercial-scale implementation. This initiative aligns with JSW Steel’s goal to reduce its CO₂ emissions by 42% from steel-making operations by 2030 and achieve net neutral carbon emissions for all operations under its direct control by 2050. The project also supports India’s broader energy transition and reinforces the growing strategic cooperation between India and the Nordic region in climate technology.

JSW Steel Limited has scheduled a hearing for its scheme of amalgamation with three transferor companies—Amba River Coke Limited, Monnet Cement Limited, and JSW Retail and Distribution Limited—before the National Company Law Tribunal (NCLT), Mumbai Bench, on June 19, 2026. The tribunal fixed the hearing date vide an order dated May 13, 2026, following the presentation of the petition by the companies under Sections 230 to 232 of the Companies Act, 2013. The company disclosed this development to the stock exchanges under Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, read with Schedule III Part A Para A.

The scheme involves the merger of Amba River Coke Limited, Monnet Cement Limited, and JSW Retail and Distribution Limited with JSW Steel Limited and their respective shareholders. Pursuant to the NCLT's directions, JSW Steel Limited published newspaper advertisements in 'Business Standard' (English) and 'Navshakti' (Marathi) on May 25, 2026, informing the public and stakeholders that the scheme petition is fixed for hearing on June 19, 2026. The disclosure is also available on the company's website.

Details of the Scheme

The amalgamation scheme encompasses three distinct entities merging into JSW Steel Limited. The transferor companies and their respective Corporate Identification Numbers (CIN) are listed below:

Stakeholder Notice

Any person desirous of supporting or opposing the petition must send a notice of intention to the advocate for the petitioner companies. This notice, signed by the individual or their advocate, must include the name and address and reach the advocate not later than two days before the hearing date. Those opposing the petition must furnish grounds of opposition or a copy of their affidavit along with the notice.