Friday, June 24, 2022

ACME to invest Rs 52,000 cr in green hydrogen & ammonia project in Karnataka

ACME Cleantech will invest Rs 51,865 crore in Karnataka over five years for setting up a green hydrogen and ammonia plant

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  • The investment will be made over the next five years and is expected to result in the creation of 1,800 jobs
  • Karnataka is in the forefront in the renewable energy sector and the state government is formulating a Green Hydrogen Policy, said the Karnataka CM

Bengaluru: Gurugram-based ACME Cleantech Solutions Private Limited has signed a Memorandum of Understanding (MoU) with the Karnataka government on Monday proposing to invest Rs 51,865 crore in the state within five years for setting up a green hydrogen and ammonia plant with an associated solar power unit in Mangaluru. The investment will be made over the next five years and is expected to result in the creation of 1,800 jobs.

According to the MoU, in the first phase, the company proposes to invest Rs 5,300 crore and in the second phase Rs 46,565 crore. The deal was signed by EV Ramana Reddy, Additional Chief Secretary, Department of Industries and Commerce, and Sandeep Kashyap, Chief Operating Officer (COO), ACME Cleantech Solutions, in the presence of Karnataka Chief Minister Basavraj Bommai.

‘Make use of Green Hydrogen policy’

Bommai said, “Karnataka is in the forefront in the renewable energy sector and the state government is formulating a Green Hydrogen Policy.” He requested the ACME group to make use of the new policy. He added that the state government would formulate a new Research and Development (R&D) policy within a month. The proposed policy would identify and support research and innovation at the garage level, as well as at major institutions.

The MoU said that the Karnataka government would facilitate ACME to obtain all necessary permissions, registrations, approvals, clearances and incentives from the department concerned of the state government according to its prevailing policies, rules and regulations.

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