- The company signed an MoU with the state government at the Global Investors Meet ‘INVEST Karnataka 2022’
- Rs 50,000 crores will be invested in the project, generating over 5,000 jobs over a decade
ABC Cleantech recently announced the signing of a Memorandum of Understanding (MoU) with the Government of Karnataka as a part of ‘INVEST Karnataka 2022’. As per the deal, ABC will set up a green hydrogen production unit of 0.2 million tons/annum and 1 million tons/annum of Green Ammonia integrated with 5 GW of Renewable Energy Projects. For this purpose, a sum of Rs. 50,000 crores has been earmarked by the company. This manufacturing facility is estimated to generate over 5,000 employment opportunities over the next 10 years. Karnataka CM, Shri Basavaraj Bommai was also present during the event.
Additional Chief Secretary with Karnataka Govt, Dr E. V. Ramana Reddy represented the State during the signing ceremony. He wished this venture all the success after remarking, “Karnataka had the pride of getting the largest Foreign Direct Investment (FDI) in India last year and it is also the number one state in the country for the ease of doing business. The purpose of ‘Invest Karnataka 2022’ is to continue attracting the best businesses to invest in our great state and partake of its many beneficial policies. It is clear today that renewable energy is the only way equitable development and environmental balance can be ensured which will help our state to create a safe and healthy world for future generations. By generating jobs and livelihoods, we hope to contribute in a more meaningful manner to the people of Karnataka.”
“We, along with our partners, are deeply honoured to be a part of the INVEST Karnataka 2022,” said Mr Ravi Kumar Reddy, Chairman & MD, ABC Cleantech. Representing the company at the event, Mr Reddy exuded confidence in the proposal by saying that it would help the country to move towards a net-zero carbon economy while at the same time contributing to the local economy. “The employment opportunities that this project would generate in the State of Karnataka, particularly where this project is proposed to be set up should be a boost for the state’s well-being as well.”
Mr Reddy concluded by saying, “I look forward to the opportunity of working with the government of Karnataka and thank the people and the administration for the trust and cooperation that has made this possible.”
As a part of the Hyderabad-based Axis Energy Group, ABC Cleantech Pvt Ltd is one of the leading renewable energy players in India. Axis Energy, in partnership with Brookfield, has set up a joint venture platform “ABC Renewables” for developing renewable energy projects. It recently commissioned a 445MWp solar power project in the State of Rajasthan.
‘INVEST Karnataka 2022’ is the state’s Global Investors Meet. It aims to attract prospective investors and set up a development plan for the next decade. The three-day programme, being held from 2nd to 4th November in Bengaluru would witness more than 80 speaker sessions.