ACME Group to invest Rs 51,865 cr in green hydrogen project in Karnataka

Gurugram-based ACME Cleantech Solutions Private Limited on Monday signed a Memorandum of Understanding (MoU) with the Karnataka government proposing to invest Rs 51,865 crore in the state within five years for setting up a green hydrogen and ammonia plant with an associated solar power unit in Mangaluru.

According to the MoU, in the first phase, the company proposes to invest Rs 5,300 crore and in the second phase Rs 46,565 crore. It has proposed to generate 1,800 jobs.

The MoU said the Karnataka government would facilitate ACME to obtain all necessary permissions, registrations, approvals, clearances and incentives from the department concerned of the state government according to its prevailing policies, rules and regulations.

Chief Minister Basavaraj Bommai, Karnataka Energy Minister V Sunil Kumar and Vice-President of the ACME Group Shashi Shekhar were among those present on the occasion.