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India to gain $6.7bn green hydrogen and green ammonia project
India to gain $6.7bn green hydrogen and green ammonia project

India to gain $6.7bn green hydrogen and green ammonia project

A Memorandum of Understanding (MoU) between India-based renewable energy company ACME Group and the Government of Karnataka will see a RS52,000 crore ($6.7bn) green hydrogen and green ammonia project set up in the Indian state.

The project plans to produce 1.2 million tonnes of green hydrogen and ammonia per year, with an additional ‘captive solar unit’. ACME Group have said construction will take place between 2022 and 2027.

Over the past year, India’s interest in hydrogen has dramatically increased, with the unveiling of the country’s National Hydrogen Mission, which plans to cut carbon-emissions and meet its climate targets.

Read more:  Indian PM unveils National Hydrogen Mission to cut emissions

Read more:  Why India is a country to watch when it comes to hydrogen production

Manoj Kr Upadhyay, founder and Chairman of ACME Group, said, “We are delighted to partner with the State of Karnataka in developing one of the largest and earliest green ammonia projects in the world.

“We will be a formidable player in accelerating the adoption of the green fuel globally. We are grateful to the Government of Karnataka for their vision in building the state as a green hydrogen hub and extending their full support to this project.”

H2 View understands the Government of Karnataka will facilitate ACME Group in obtaining registration, approvals, and clearances.

Basavaraj Bommai, Chief Minister of Karnataka, commented, “It has been proved again that Karnataka is the most ideal destination for investments.

“Karnataka has been successful in drawing highest Foreign Direct Investments (FDI) among the states in the country. The FDI inflow during the last three quarters is testimony to this achievement.”

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