According to the MoU, in the first phase, the company proposes to invest Rs 5,300 crore and in the second phase Rs 46,565 crore.
As part of the investment, ACME Group will set up hydrogen & ammmonia plants with solar power unit; It has proposed to generate 1,800 jobs.
Bengaluru, NFAPost: Gurugram-based ACME Cleantech Solutions Private Limited signed a Memorandum of Understanding (MoU) with the Karnataka government proposing to invest Rs 51,865 crore in the state within five years for setting up a green hydrogen and ammonia plant with an associated solar power unit in Mangaluru.
According to the MoU, in the first phase, the company proposes to invest Rs 5,300 crore and in the second phase Rs 46,565 crore. It has proposed to generate 1,800 jobs.
“An MOU was signed in my presence with Gurgaon based ACME Cleantech Solutions Pvt Ltd Group for an investment of Rs 52,000 crores to set up a Hydrogen & Ammonia unit & allied Solar Power Plant in Mangaluru. The ease of doing business in Karnataka makes it attractive to investors,” chief minister Basavaraj S Bommai said in a tweet.
Chief Minister Basavaraj Bommai said Karnataka is at the forefront of the Renewable Energy sector and the State government is formulating a Green Hydrogen policy.
“Karnataka had always been encouraging new technologies and futuristic projects. The State government would provide all the support and cooperation for speedy implementation of the project. I request the ACME Group to make good use of positive policies,” said Karnataka Chief Minister Basavaraj Bommai.
The Chief Minister also said the investment also proved again that Karnataka is the most ideal destination for investments.
“Karnataka has been successful in drawing highest Foreign Direct Investments among the States in the country. The FDI inflow during the last three quarters is testimony to this achievement,” said Karnataka Chief Minister Basavaraj Bommai.
Commenting on the investment, Arvian Consulting said Karnataka has scored a major success in drawing investments to the state in the renewable energy sector.
“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. Its investment in Karnataka shows the formidable strength of the state in attracting investment,” said Arvian Consulting.
The MoU said the Karnataka government would facilitate ACME to obtain all necessary permissions, registrations, approvals, clearances and incentives from the department concerned of the state government according to its prevailing policies, rules and regulations.
Chief Minister Basavaraj Bommai, Karnataka Energy Minister V Sunil Kumar and Vice-President of the ACME Group Shashi Shekhar were among those present on the occasion.
