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ABB India Ltd’s shares were up by 0.94 per cent after the company announced a partnership with Tata Steel to collaborate on reducing the carbon footprint of steel production. The two companies will co-create solutions aimed at improving energy efficiency, decarbonisation, and circularity in Tata Steel’s manufacturing plants and production facilities.
The steel industry is a significant contributor to global fossil fuel CO₂ emissions, accounting for 7 to 9 per cent, according to sources like the International Energy Agency (IEA).
This collaboration between Tata Steel and ABB aims to make meaningful strides in reducing the environmental impact of steel production while advancing the industry’s sustainability goals. They will explore options such as using hydrogen as an alternative fuel, integrated electrification, and digital systems for energy optimisation.
The shares were up by 0.94 per cent to ₹4482.50 at 1.40 pm on the BSE.
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