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ACME To Set Up 51,865 Crore Green Hydrogen Unit and Allied Solar Power Plant in Karnataka

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ACME Cleantech Solutions Private Limited, a Gurugram-based company, signed a Memorandum of Understanding (MoU) with Karnataka. It proposes to invest Rs 51,865 crore in the state in five years in order to set up a green hydrogen/ammonia plant and associated solar power unit in Mangaluru.

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The MoU states that the company will invest Rs 5,300 crore in the first phase and Rs 46,565 crore in the second phase. It proposes to create 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, Tweeted Basavaraj S Bommai, Chief Minister of Karnataka.

According to the MoU, the Karnataka government will facilitate ACME in obtaining all required permissions, registrations approvals clearances and incentives from each department of the state government, according to its prevailing policy, rules, and regulations.

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Chief Minister Basavaraj Bombmai, Karnataka Energy Minister V Sunil Kumar, and Vice-President ACME Group Shashi Shakhhar were all present at the event.

Earlier in the month of May Karnataka government had signed a Memorandum of Understanding with Renew Power. The MoU aims to invest Rs. 50,000 crore over the next seven-years.

As per the company statement, it will set up production units in the next 7 year in two phases. The first phase would invest Rs 11,900 crore on ongoing State projects and would be operationalized in the next 2 Years. The second phase would see the company investing Rs 37,500 crore to establish Renewable Energy, Battery Storage and Green Hydrogen units in the next 5 years.

The Chief Minister had termed the deal as a milestone in the renewable energy sector of Karnataka.

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