International Steels Ltd. Plans Rs1 Billion Solar Project in Karachi Facility

In a recent development, the Board of Directors at International Steels Limited (PSX: ISL) has given the green light for a substantial solar initiative at its Karachi factory. This information was disclosed in the company's filing on the local bourse today.

The sanctioned project involves the establishment of a 6.4 MW Solar Power Project, slated for completion in the 1st quarter of fiscal year 2025. The estimated financial commitment for this venture stands at a noteworthy Rs1 billion.

This strategic move by ISL to invest in solar energy projects is poised to yield multiple benefits. Firstly, it is expected to significantly contribute to cost savings. Moreover, the initiative aligns with the broader objective of reducing the country's dependence on imported fuel. Additionally, it underscores the company's dedication to sustainable environmental practices, aiming at a considerable reduction in carbon footprint and a transition towards Green Energy.

It's important to note that ISL primarily engages in the manufacturing of cold-rolled, galvanized, and color-coated steel coils and sheets.

As of the current update, the company's shares are actively traded at Rs73.25, marking an increase of 80 paisa or 1.1% compared to its previous closing.