JSW Steel Limited, Bharatia and Carbon Iceland International have signed a strategic Memorandum of Understanding (MoU) to jointly explore the development of a large-scale green methanol project in India. The agreement was signed during the 3rd India–Nordic Summit held in Oslo, Norway, marking a significant step towards industrial decarbonisation and advancement of low-carbon fuel infrastructure.
The signing ceremony was witnessed by Kristrún Frostadóttir and Benedikt Höskuldsson, reflecting growing cooperation between India and Iceland in climate technology, industrial transition and sustainable energy solutions. Senior representatives present at the event included Sanmit Ahuja, Naresh Lalwani, Hal Oskarsson and Björn I. Victorsson.
Under the proposed collaboration, the partners plan to evaluate the development of a 300 KTPA green methanol (eMethanol) project in Raigad district, Maharashtra. The project intends to capture carbon dioxide emissions generated from JSW Steel’s operations and convert them into eMethanol using green hydrogen produced through renewable energy sources.
The initiative aims to establish a scalable carbon capture and utilisation (CCU) model for the steel industry while contributing to India’s broader decarbonisation and clean energy objectives. The project is also expected to demonstrate how industrial emissions can be converted into low-carbon fuels and chemical feedstocks for sectors that are difficult to decarbonise.
As part of the initial phase, the partners will assess the utilisation of an existing high-purity CO₂ stream at JSW Steel’s facility and evaluate opportunities to capture additional emissions from wider steel manufacturing operations. The collaboration combines complementary strengths across industrial infrastructure, project development and climate technology. JSW Steel will contribute large-scale manufacturing capabilities and operational expertise, while Bharatia will support project development, financing pathways and ecosystem integration.
Carbon Iceland International will provide technical expertise in carbon capture integration and e-fuels development. The companies stated that the project aligns with global efforts to expand low-carbon fuel solutions for industries such as shipping, manufacturing and heavy industrial operations.
JSW Steel, the flagship company of the US$23 billion JSW Group, has grown into one of India’s largest integrated steel producers with consolidated crude steel capacity of 35.9 million tonnes per annum, including operations in the United States. Its domestic capacity stands at 34.4 million tonnes per annum, with expansion plans set to take total capacity to 43.9 million tonnes over the next three years.