The company, backed by Thailand’s PTT Pcl, aims to expand renewable power capacity to 30 gigawatts by 2030 from 4 gigawatts now and launch a green ammonia unit with 1 million tons of annual production by 2026, Chairman Vineet Mittal said in an interview Wednesday.
The ambitions are in line with India’s goals of becoming a global hub for green hydrogen and ammonia. Avaada expects increased demand for clean energy globally thanks to government climate targets and domestically as factories seek to avoid a planned EU carbon tax on imported goods.
“We are going to see a huge upsurge in demand from Indian companies as well as companies in Europe," Mittal said.
The company last month signed an initial pact to set up a 1 million ton-a-year green ammonia plant in the Indian state of Rajasthan. The company also plans to open a solar module factory next year able to produce 3 gigawatts a year and expand annual output to 5 gigawatts by 2025.
This story has been published from a wire agency feed without modifications to the text.
