The Gujarat government on Monday signed a memorandum of understanding (MoU) with Ocior Energy India Pvt Ltd for the production of green hydrogen and green ammonia with an investment of Rs 40,000 crore.
As per the MoU, signed in the presence of Gujarat Chief Minister Bhupendra Patel, Ocior Energy will invest Rs 40,000 crore in Kutch district of Gujarat to set up a facility to produce 1 million tonnes of green hydrogen and ammonia per annum, said an official release.
It added that the renewable energy project will become operational by 2030 in two phases and it is expected to generate nearly 10,400 direct as well as indirect employment opportunities.
Ocior is a leading company in the field of green hydrogen and green ammonia started in Abu Dhabi Global Market, United Arab Emirates.
The company aims to develop 4 GW capacity green hydrogen and green ammonia projects across the India, Middle East and North Africa (MENA) region, the release said.
In another development, the Essar group on Monday announced a $3.6 billion investment in low carbon energy transition projects in the UK and India including the production of green hydrogen and ammonia over the next five years, as it looks at a new phase of growth.
Essar Group, invested in energy, metals and mining, infrastructure and technology sectors, announced “the formation of Essar Energy Transition (EET) to drive the creation of the UK’s leading energy transition hub in North West England.”
“EET plans to invest a total of $3.6 billion in developing a range of low carbon energy transition projects over the next five years, of which $2.4 billion will be invested across its site at Stanlow, between Liverpool and Manchester and $1.2 billion in India,” the company said in a statement.
Disclaimer: Additional background information has been added to this PTI copy for context
Edited by Akanksha Sarma