Avaada Group signs MoU for Rs 40,000 crore Green Ammonia plant with Rajasthan government
New Delhi, August 25th 2022:Providing a significantfillip to India’s 2070 net-zero targets, AvaadaGroup, India’s leading integrated energy enterprise,signed a Memorandum of Understanding with the Department of Industries and Commerce, Government of Rajasthan, on Wednesday (August 24), to setupaGreen Ammonia facility and a Renewable Energy power plant in Kota, Rajasthan.
The MoU signed as part of the Investment promotion strategy for the Investment Rajasthan Summit held in New Delhi proposes an investment of Rs 40,000 crore while also providing direct employment opportunities to about 3,500 people and indirect jobs to over 10,500 people.
Calling the collaboration a game changer for India’s green push, Mr Vineet Mittal, Chair,Avaada Group, said, “Green energy transition is vital to the country’s Atmanirbharta and will pave the way towards net-zero goals. Aligning with the nation’s vision of self-reliance, at Avaada, we aim to make India energy independent by focusing on green energy security.”
“At Avaada, we believe that business and sustainability go hand-in-hand. We are grateful to the Government of Rajasthan for this partnership. It will help strengthen India’s green energy revolution, led by Hon’ble Prime Minister Narendra Modi , as we make significant investments in innovative clean energy solutions to support the country’s exponential growth inthe renewable energy (RE) sector,” he added.
Elaborating on the clean energy technology, Mr Mittal further explained that the biggest advantage of Green Hydrogen is that it burns clean, leaving only water vapour behind. He further said, “For industries that require high-temperature heat, such as foundries and glass and steelmakers, this could be ground-breaking as it will not only replace fossil fuels with renewable sources but also produce green ammonia and a substitute for gas.”