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Avaada Group, has signed a deal to infuse Rs. 40,000 crore in ammonia plant in Kota, Rajasthan.
The MoU was signed Wednesday as part of the investment promotion strategy to the Investment Rajasthan Summit in New Delhi. It proposes an investment of Rs. 40,000 crore and provides direct employment opportunities for about 3,500 people. In addition, it offers indirect jobs to more than 10,500 people.
Vineet Mittal, chair, Avaada Group, said, “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 as we make significant investments in innovative clean energy solutions to support the country’s exponential growth in the renewable energy sector,” he added.
Mittal elaborated on clean energy technology by pointing out that green hydrogen has the greatest advantage because it burns cleanly, leaving behind only water vapour. Mittal stated that this technology could be revolutionary for industries that need high-temperature heat such as foundries, glass, and steelmakers. It will not only replace fossil fuels but also produce green ammonia, which can be used as a gas substitute.