Avaada Group Inks MOU with REC Ltd for a Landmark $1.8 Billion Green Ammonia Project Financing

Mumbai, 16th October 2023 – In line with our strategic objectives and commitment to sustainable growth, Avaada Group’s Green Ammonia division is pleased to announce the formalization of a Memorandum of Understanding with REC Ltd. This seminal agreement paves the way for the financing of our green ammonia endeavor in Odisha, representing an investment commitment of 15,000 cr (approximately $1.8 Billion USD).

The MOU was executed with due ceremony in Bhubaneshwar, graced by the presence of CMD Shri Vivek Kumar Dewangan of REC and Mr. Hemant Kumar Sharma, Principal Secretary, Industries Department, Govt. of Odisha.
This corporate alliance underscores our unwavering dedication to championing sustainable energy practices within the Indian subcontinent.

AVAADA MOU

It aligns impeccably with the nation’s ambitious trajectory to establish itself as a formidable player in the realm of Green Hydrogen production. We are immensely grateful for the steadfast support of the Odisha government, allowing us to channel significant investments in green energy, thereby bolstering the nation’s paradigm shift towards decarbonization.

Mr. Vineet Mittal, Chairman of Avaada Group commented, “Our collaboration with REC Ltd epitomizes the convergence of vision and action. This enterprise fortifies our journey and augments India‚Äôs trajectory towards realizing Net Zero by 2070. We wish to extend our profound gratitude to the Government of Odisha for their ceaseless patronage.”

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