Mumbai, 18 September 2024: Jindal India Renewable Energy, a part of the BC Jindal Group, announced its foray into the Battery Energy Storage Systems (BESS). The company plans to build 1 GWh battery pack assembly line with LFP chemistry by 2025 and will foray into battery cell manufacturing with 5 GWh capacity by 2027.

To achieve this, the company will be entering into a Technology Collaboration with a world-class technology provider to achieve highest quality standards. This move aligns with India’s efforts to strengthen its position as one of the top renewable energy players in the world.

Currently, the sector is witnessing rapid growth due to policy emphasis on renewables to enable the Government’s push towards a greener future BESS as a technology enables grid stability, efficient storage and most importantly, addresses the issue of power supply during peak periods and to fulfil the FDRE / RTC demand, and is expected to power India’s renewable energy aspirations. The Indian BESS market is expected to grow at an impressive CAGR of 11.41 pct till 2032, underscoring the significant opportunities that this sector presents.

Speaking on the development, Mr. Punit Gupta, Director, Jindal India Renewable Energy said, “Jindal India Renewable Energy is proud to step in and meet the growing demand for India’s energy storage solutions. By investing in battery energy storage systems, we are expanding our portfolio as well as contributing to grid stability and deeper integration of renewable sources.”

This announcement comes in the backdrop of Jindal India Renewable Energy (JIRE) aiming to generate 5 GW of power from solar, wind, hybrid and FDRE modes. Along with this, going forward JIRE will also manufacture PV Cells and Modules to tap into the solar demand.

Jindal India Renewable Energy operates under the BC Jindal Group, founded in 1952 by Shri B.C. Jindal. Originally a steel pipe and fittings manufacturer, the group has grown into one of India’s leading conglomerates with a significant presence in the power sector. JIRE’s initiative represents a forward-thinking approach to energy diversification. With a focus on environmental well-being at the core of its inception, BC Jindal Group’s commitment extends beyond compliance to a genuine dedication to preserving the environment for future generations.

In the same month, Anju Bhavnani, mother-in-law of Deepika Padukone and mother of Ranveer Singh, acquired the adjacent apartment for Rs. 19.13 crores.

KA Enterprises LLP, a firm owned by Bollywood actress Deepika Padukone and her father Prakash Padukone, has recently made a significant real estate investment, purchasing a luxury apartment in Mumbai’s Bandra West locality. The property, located in the Sagar Resham Co-operative Housing Society near the iconic Bandstand, was acquired for Rs. 17.78 crore, according to registration documents reviewed by Square Yards. Sagar Resham Co-operative Housing Society, developed by Enorm Nagpal Realty, offers premium 4 BHK and 5 BHK apartments.

As per Square Yards, the newly purchased apartment spans 171.47 square metres (~1,846 square feet) and comes with a designated car parking space. The deal incurred a stamp duty of nearly Rs. 1.07 crore and registration charges of Rs. 30,000. The transaction, completed in September 2024, was registered under KA Enterprises LLP, a global venture investment firm focusing on high-growth consumer and consumer-tech companies.

In a related transaction, Deepika’s mother-in-law, Anju Bhavnani, acquired an adjacent apartment in the same month for Rs. 19.13 crore. This property, spanning 1,822.45 square feet (~169 square metres) in carpet area, also includes one car parking space. The stamp duty for the deal amounted to Rs. 95.68 lakh, with a registration fee of Rs. 30,000.

Interestingly, on the day of the acquisition, Anju Bhavnani’s apartment was leased to her daughter Ritika Bhavnani and husband Jugjeet Singh Bhavnani. The lease, registered under R.S. Filmcraft (OPC) Pvt. Ltd. and Oh Five Oh Talent LLP, has a tenure of 55 months. The monthly rent has been set at Rs. 8.20 lakh for the first 33 months, rising by 15% to Rs. 9.43 lakh for the remaining 22 months. A security deposit of Rs. 73.80 lakh and a stamp duty of Rs. 1.29 lakh were also part of the agreement. Padukone’s husband Ranveer Singh already owns multiple floors in the same building purchased for a staggering Rs. 119 crores in 2022.

Deepika Padukone and Anju Bhavnani’s property transactions are the latest in a series of high-profile celebrity real estate deals in Bandra West. Square Yards noted that Bollywood stars and notable figures including Aamir Khan, Tripti Dimri, and K.L. Rahul along with Athiya Shetty have recently purchased properties in the area, with transaction values of Rs. 9.76 crore, Rs. 14 crore and Rs. 20 crore, respectively.