Avaada plans ₹40,000 crore capex for green ammonia, methanol plants
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- ✓Avaada plans a ₹40,000 crore investment to build green ammonia and methanol plants in Odisha and Maharashtra.
- ✓Founder Vineet Mittal said, "Avaada is setting up two projects, one in Dighi, Maharashtra, and the second in Gopalpur, Odisha." The firm aims to expand into low-carbon fuels and grow its industrial footprint.
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- BUSINESS
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- mint
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- Market Focus
- India Economy
New Delhi: Thailand's PTT group-backed Avaada plans to invest about ₹20,000 crore each in a green ammonia plant in Odisha and a green methanol facility in Maharashtra, as it expands into low-carbon fuels. The group plans a cumulative investment of around ₹1 trillion over the next three to four years, founder and chairman Vineet Mittal said in an interview.
"Avaada is setting up two projects, one in Dighi, Maharashtra, and the second in Gopalpur, Odisha. The feed engineering is happening in Gopalpur. For the first time, we are moving closer to binding agreements for offtake. We should sign by next year," Mittal said.
The methanol project in Nagpur and the proposed green ammonia project in Dighi are in the conceptualisation stage. The company plans to set up a total of four green fuel facilities in the years ahead. The company is in talks with buyers from Europe for long-term offtake agreements for green ammonia.
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