Investment to be made over five years, is expected to generate 1,800 jobs
Gurgaon-based ACME Cleantech Solutions has signed a Memorandum of Understanding (MoU) with the Karnataka government to invest Rs 52,000 crore to establish a 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, the company proposes to invest Rs 5,300 crore in the first phase and Rs 46,565 crore in the second phase.
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.
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.
The MoU states that the Karnataka government would assist ACME in obtaining the necessary permissions, registrations, approvals, clearances, and incentives from the state government in accordance with its policies, rules, and regulations.
Bommai also said 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.