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Karnataka Govt Signs MoU with Petronas Hydrogen, Continental Automotive for Investment of Rs.32,000 Cr

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growatt01-08-2022

In the presence of Chief Minister Basavaraj Bammai, the Karnataka government signed a Memorandum Of Understanding (MoUs), with Petronas Hydrogen Malaysia and Continental Automotive Components (India) for an investment totalling Rs 32,000 crores.

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Additional Chief Secretary of the Department of Commerce and Industries Dr. EV Ramana Reddy and Petronas Hydrogen CEO Adlan Ahmaad signed the MoUs. Continental Automotive CEO Prashant Dureswamy was also present at the signing.

Chief Minister, assured the two companies that they would receive all assistance and urged them to complete the projects within the stipulated time.

Petronas has pledged to invest Rs31,200 crores to setp up renewable energy plant in Mangaluru. It would provide employment opportunities for 3000 people.

Continental Automotive is set to have a direct foreign investment of Rs1000 crores for setting up of a Research and Development Center. It is expected to provide jobs for 6000 persons. The company is engaged in automotive software development and mobility technology development. The proposed investment is aimed toward the expansion of its Technical Center India(TCI).

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The southern state had earlier signed an MoU at Davos with Renew Power Company for an investment of Rs.50,000 crores into the renewable energy sector.

Karnataka government, also signed an MOU with ACME Cleantech Solutions Company to set up Hydrogen and Ammonia production facilities in Mangaluru with an associated solar power unit with an investment of Rs.52,000 crores.

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