PTT-backed Avaada to invest ₹40,000cr in green ammonia and methanol
Thailand's PTT group-backed Avaada plans to invest ₹40,000 crore in new green ammonia and methanol plants, one in Odisha, one in Maharashtra. Both states will get an equal share of the investment.
Avaada is close to finalizing deals with buyers from Europe for long-term green ammonia supply.
As Avaada's founder and chairman Vineet Mittal put it, "For the first time, we are moving closer to binding agreements for offtake. We should sign by next year," said Vineet Mittal.
Avaada plans around ₹100,000cr green expansion
This move is just one piece of Avaada's broader plan to spend around ₹1 trillion over the next few years on four green fuel projects.
They are also gearing up for a ₹7,600 crore IPO for their solar arm, Avaada Electro.
By 2030, they want to hit 30 gigawatts of renewable energy capacity and launch a major solar panel factory in Nagpur.