Adani Group has announced an investment of $50 billion in the green hydrogen sector. The company has also established a joint venture of equal partnership with Japanese company Kowa Group. This is the largest agreement signed in the green hydrogen sector globally.
For the past several months the group has been facing allegations of fraud by Hindenburg short sellers. But the group has found its way again and is investing in everything from green energy to ports.
$50 billion investment in 10 years
Recently the company has announced an investment of 50 billion dollars. The company will make this investment over 10 years and create infrastructure related to the green hydrogen sector in India.
The company plans to sell green hydrogen in various regions of the world. The company has set up an equal partnership joint venture with Japanese company Kova Group to export green hydrogen to Taiwan, Japan and Hawaii.
India’s goal regarding green hydrogen
India’s target regarding green energy is big. That is why under the Green Hydrogen Mission, a target has been set to produce 50 lakh tonnes of green hydrogen in India by the year 2030. To achieve this goal, many schemes and subsidies are being provided by the government.
A subsidy of about Rs 19,744 crore has been announced under the Green Hydrogen Mission, launched in January 2023. Green hydrogen is a method of producing fuel from electricity generated from the renewable sector. The government plans to initially promote the use of green hydrogen in sectors such as steel and refinery.
Adani Group has informed that with this investment, production of 10 lakh tonnes of green hydrogen will start in the country from the very beginning. Along with this, Adani Green Energy is also going to become the country’s largest renewable sector company.