ACME Cleantech to invest Rs 52,000 cr in hydrogen project in Karnataka

Bengaluru (Karnataka) [India], June 6 (ANI): Gurugram-based ACME Cleantech Solutions Private Limited on Monday signed a Memorandum of Understanding (MoU) with the government of Karnataka to set up green hydrogen and ammonia plant in the state with an investment of around Rs 52,000 crore.

As per the MoU, the company has agreed to establish a Hydrogen and Ammonia Plant with associated Solar Power unit in Mangaluru, Karnataka. The agreement was signed in the presence of Karnataka Chief Minister Basavaraj Bommai.

The MoU was signed by EV Ramana Reddy, Additional Chief Secretary in the Commerce and Industries Department of Karnataka and Sandeep Kashyap, Chief Operating Officer of ACME Cleantech Solutions, according to a statement released by the company.

Speaking on the occasion Chief Minister Basavaraj Bommai said Karnataka is at the forefront in the renewable energy sector and the state government is formulating a Green Hydrogen policy.

Karnataka has always been encouraging new technologies and futuristic projects. The state government would provide all the support and cooperation for the speedy implementation of the project, Bommai said.

"It has been proved again that Karnataka is the most ideal destination for investments. Karnataka has been successful in drawing the highest Foreign Direct Investments among the States in the country. The FDI inflow during the last three quarters is testimony to this achievement," Bommai said.

ACME Group is a global leader in setting up Hydrogen-Ammonia plants. The company has established the world's first Hydrogen-Ammonia, Solar plant in Bikaner, Rajasthan. It has already started production, said Vice Chairman of ACME Group Shashi Shekar. (ANI)

Source: BUSINESS