Hello User
Sign in
Hello
Sign Out
Subscribe
Next Story
Business News/ Industry / Energy/  ACME Group to invest $6.7 billion in green hydrogen project in Karnataka

ACME Group to invest $6.7 billion in green hydrogen project in Karnataka

The ACME Group's investment comes as India aims to manufacture five million tonnes of green hydrogen annually by 2030 to meet its climate targets and become a production and export centre for the fuel

The green hydrogen and ammonia plant, which will create about 2,000 jobs, will have the capacity to produce 1.2 million tonnes per annum

NEW DELHI:Renewable energy firm ACME Group will invest 52,000 crore ($6.70 billion) in Karnataka over five years to set up a green hydrogen and ammonia plant, the state government said on Monday.

The investment comes as India aims to manufacture five million tonnes of green hydrogen annually by 2030 to meet its climate targets and become a production and export centre for the fuel.

The green hydrogen and ammonia plant, which will create about 2,000 jobs, will have the capacity to produce 1.2 million tonnes per annum. It will also have a solar power unit attached.

Green hydrogen, produced using renewable energy, has some of the best environmental credentials among cleaner-burning fuels. The zero-carbon fuel is made using renewable power from wind or solar sources to split water into hydrogen and oxygen.

While green hydrogen is not currently made in India on a commercial scale, Indian businessmen Mukesh Ambani and Gautam Adani have announced plans to produce it.

Earlier in May, Karnataka signed a $6.4 billion agreement with U.S.-listed ReNew Power over a 7-year period on energy projects in the state.

India, with a population more than three times larger than the European Union, has a much lower per capita energy consumption, but among the fastest rates of energy demand growth in the world.

3.6 Crore Indians visited in a single day choosing us as India's undisputed platform for General Election Results. Explore the latest updates here!

Catch all the Industry News, Banking News and Updates on Live Mint. Download The Mint News App to get Daily Market Updates.
Get the latest financial, economic and market news, instantly.