Avaada Group Signs MoU with Rajasthan Govt for Green Ammonia Plant

Highlights :

  • According to the company, 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.

Avaada Group, a Noida-based integrated energy enterprise, signed a Memorandum of Understanding with the Department of Industries and Commerce, Government of Rajasthan, on August 24. Through this collaboration, Avaada Group will set up a green ammonia facility and a renewable energy power plant in Kota, Rajasthan.

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According to the company, 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.

Avaada Group Signs MOUVineet Mittal, Chair, Avaada Group, spoke about the collaboration, “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 in the renewable energy (RE) sector. 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.” he further added.

Earlier, Avaada Energy raised green bonds for Rs. 1440 Cr (the US $192 million) in the Indian capital market at 6.75%. Additionally, in January this year, an 80-acre solar farm was built by Airtel in collaboration with Avaada to provide green energy to the company’s Maharashtrian switching and Nxtra data centers.

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