JK Cement Ltd has signed a long-term Strategic Memorandum of Understanding (MoU) with Punjab Renewable Energy Systems Private Limited (PRESPL), India's largest biomass aggregation and Densification Company with forward integrated value chain. The MoU, valid for 10 years, is part of JK Cement's endeavour to decarbonize its operations and aims to significantly scale up the use of biomass-based and alternate fuels as a replacement to fossil fuels like coal in its manufacturing operations.
Dr Raghavpat Singhania, MD, JK Cement Ltd, said, "As we embark on our journey towards Decarbonisation, we commit to this MoU that allows building deeper synergies between us and PRESPL in the Bio-Energy Sector. I compliment my Team and PRESPL for forging this Long-term Strategic Memorandum of Understanding that marks a new beginning for JK Cement Ltd. to enable a better future with a win-win for the environment, people and energy in India."
According to Lieutenant Colonel Monish Ahuja, Chairman & MD at PRESPL, this collaboration in the Biomass-based Bio-Energy Sector with JK Cement Ltd heralds a beginning of an 'Energy Transition Sojourn' that will ensure better Environment & usher in more eco-friendly energy solutions in the market, with deeper 'Atmanirbhar Bharat' connect, while energising the Rural Sector through Financial Inclusion and achieving the commitment Sustainable Development Goals and meeting the HSSE and ESG Standards.
JK Cement Ltd. and PRESPL will bring about biomass and alternate fuels-based energy transition in the manufacturing units of JK Cement Ltd., and also evaluate and implement future technologies to enable decarbonisation and sustainable renewable energy solutions. This MoU outlines avenues for the mutual partnership in the Biomass-based Bio-Energy-sector through a Roadmap 'Energy Transition' document and will enable synergies between the two companies for future projects of JK Cement Ltd. Both will jointly ascertain new avenues for Diversification of Business including any acquisition that supports the Bio-Energy verticals to achieve the enunciated Energy Transition goals of JK Cement Ltd. Both PRESPL and JK Cement Ltd. shall be the preferred partners for the Bio-Energy Projects and will undertake Supply Chain of biomass-based products and Biomass Assessment Studies for all current and prospective Plants.