Tata Steel gains after subsidiary signs MoU for green hydrogen plant in Odisha

Speaking about the agreement, AVAADA Group Chairman Vineet Mittal said that the collaboration is geared towards fast-tracking the shift to green energy and bolstering India's ambition to emerge as a global green hydrogen manufacturing hub.

Tata Steel Limited was trading over a percent higher in the morning on September 8 after the company signed an agreement with AVAADA Group for a green hydrogen and ammonia manufacturing unit in Odisha.

AVAADA said it signed a Memorandum of Understanding (MoU) with Tata Steel Special Economic Zone Limited (TSSEZL) but didn’t disclose financial details of the project, which would be set up at the Gopalpur Industrial Park in the Ganjam district.

Avaada Group is an integrated energy platform with interests ranging from manufacturing solar cells, modules and electrolysers to renewable power generation, green hydrogen, and green ammonia production.

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This is the second investment in the green hydrogen and ammonia manufacturing sector, given its conducive offerings for setting up a unit, TSSEZL managing director Manikanta Naik said.

The project is expected to generate around 1,600 direct and 4,000 indirect employment opportunities and aims to reduce nearly 2 million tonnes of carbon dioxide emissions annually.

Speaking about the agreement, AVAADA Group chairman Vineet Mittal said the collaboration was geared towards fast-tracking the shift to green energy and bolstering India's ambition to emerge as a global green hydrogen manufacturing hub.

At 10.15 am, the stock was trading at Rs 130.50 on the National Stock Exchange, up 0.27 percent from the previous close.

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