Avaada Group inks pact to invest $5 bn in green ammonia project | Mint
Active Stocks
Fri Feb 23 2024 15:58:13
  1. Tata Steel share price
  2. 145.50 -0.24%
  1. State Bank Of India share price
  2. 759.40 -0.86%
  1. HDFC Bank share price
  2. 1,420.90 0.08%
  1. NTPC share price
  2. 337.70 -0.54%
  1. ITC share price
  2. 411.60 -0.65%
Business News/ Companies / News/  Avaada Group inks pact to invest $5 bn in green ammonia project
BackBack

Avaada Group inks pact to invest $5 bn in green ammonia project

The company announced its plan to build a 1 million ton-a-year green ammonia facility in the solar energy-endowed province. The project is expected to create direct employment for 3,500 people.

Earlier this year, the Indian government introduced a policy to promote the transition to green hydrogen and green ammonia for the reduction of emissions, especially in the hard-to-abate sectors.Premium
Earlier this year, the Indian government introduced a policy to promote the transition to green hydrogen and green ammonia for the reduction of emissions, especially in the hard-to-abate sectors.

Avaada Group, India's leading integrated energy group, has signed a deal to infuse 40,000 crore ($5 billion) in a green ammonia project in Kota, Rajasthan. On Wednesday, the company announced its plan to build a 1 million ton-a-year green ammonia facility in the solar energy-endowed province. The project is expected to create direct employment for 3,500 people.

As per a Bloomberg report, the renewable energy producer plans to build a 1 million ton-a-year green ammonia facility in the solar energy-endowed province, creating direct employment for 3,500 people, Avaada said in an emailed statement. Avaada is planning to build the project at Kota in Rajasthan.

Earlier this year, the Indian government introduced a policy to promote the transition to green hydrogen and green ammonia for the reduction of emissions, especially in the hard-to-abate sectors.

Under the policy that was released in February this year, the government announced a waiver of inter-state transmission charges for a period of 25 years to the producer of the green hydrogen and green ammonia from the projects commissioned before June 30, 2025. Also, the government announced the allotment of land in renewable energy parks for the manufacture of green hydrogen and green ammonia. These are some of the reforms announced in the policy.

This green hydrogen push in India has grabbed the attention of some of the largest conglomerates such as Adani Group and Reliance Industries apart from Avaada.

The policy is expected to help in meeting the target of production of 5 million tonnes of Green hydrogen by 2030 and the related development of renewable energy capacity.

Further, the policy is aimed to reduce dependence on fossil fuels and also trim crude oil imports.

Notably, hydrogen and Ammonia are envisaged to be the future fuels to replace fossil fuels. Production of these fuels by using power from renewable energy, termed as green hydrogen and green ammonia, is one of the major requirements for environmentally sustainable energy security of the nation.

Avaada aims to be a 30 GW company with an asset base of $20 billion and to impact 1 million lives by 2030. The company operates some of the largest solar and wind projects, across 11 states, in India.

Unlock a world of Benefits! From insightful newsletters to real-time stock tracking, breaking news and a personalized newsfeed – it's all here, just a click away! Login Now!

Catch all the Corporate news and Updates on Live Mint. Check all the latest action on Budget 2024 here. Download The Mint News App to get Daily Market Updates & Live Business News.
More Less
Published: 24 Aug 2022, 10:53 PM IST
Next Story footLogo
Recommended For You
Switch to the Mint app for fast and personalized news - Get App