ACME Cleantech Solutions Pvt. Ltd., a member of the ACME Group, has proposed a Rs 51,865 crore investment in a Green Hydrogen and Green Ammonia Plant in Karnataka. The company will also set up an associated solar power facility in Mangaluru as a part of this investment. An MoU to this effect was signed between ACME Cleantech and the Karnataka Government on 6th June 2022.
As per the MoU Karnataka Government will facilitate the grant of necessary permissions, registrations, approvals, clearances and incentives to ACME Cleantech for this project from the respective state departments.
The investment will be made by the company over a period of 5 years. In the first phase of the investment, Rs 5,300 crore will be invested while Rs 46,565 crore will be invested in the second phase. This project is expected to create 1,800 new jobs.