It has been 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. -Basavaraj Bommai, Chief Minister
Bengaluru, June 6: Karnataka has scored a major success in drawing investments to the state in the renewable energy sector. Gurugram based ACME Cleantech Solutions Private Limited signed an MoU, in the presence of Chief Minister Basavaraj Bommai, to invest Rs52,000 cr to establish a Hydrogen and Ammonia Plant with associated Solar Power unit in Mangaluru.
The MoU was signed by Dr. EV Ramana Reddy, Additional Chief Secretary in the Commerce and Industries department and Mr. Sandeep Kashyap, Chief Operating Officer of ACME Cleantech Solutions.
Speaking on the occasion Chief Minister Basavaraj Bommai said, Karnataka is in the forefront in Renewable Energy sector. The State government is formulating a Green Hydrogen policy. He requested the ACME Group to make good use of it.
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, Bommai said.
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. It has already started production, said Vice Chairman of ACME Group Shashi Shekar.
It may be recalled that ACME had signed an MoU for an investment of Rs50,000 cr in the renewable energy sector with the State during the recent World Economic Forum Meet held at Davos in Switzerland.
Energy minister V Sunil Kumar, Cooperation minister ST Somashekar, Commissioner of Industries department Gunjan Krishna, ACME Group officials MVVS Reddy, Arun Chopra and others were present.