Petronas Hydrogen and Continental Automotive to invest Rs 32,000 cr in Karnataka
MoU with the two companies to create 9000 jobs
Bengaluru. July 5, 2022: The state government today signed MoUs with Malaysia based Petronas Hydrogen and Continental Automotive Components(India) for a total investment of Rs32,000 cr in the presence of Chief Minister Basavaraj Bommai.
Additional Chief Secretary in the department of Commerce and Industries Dr. EV Ramana Reddy and Petronas Hydrogen CEO Adlan Ahmaad, Continental Automotive CEO Prashant Doreswamy signed the MoUs.
Speaking on the occasion Chief Minister Bommai assured the two companies of all the cooperation from the state government and wanted the companies to implement the projects within the time frame. Minister for IT, BT Dr CN Ashwathnarayan, CM’s Principal Secretary Manjunath Prasad, Commissioner for Industries department Gunjan Krishna were present on the occasion.
Petronas has committed to invest Rs31,200 cr to set up a renewable energy plant in Mangaluru. It would create employment opportunities for 3000 persons.
Continental Automotive is set to have direct foreign investment of Rs1000 cr for setting up of a Research and Development Center. It is expected to provide jobs for 6000 persons. The company is engaged in automotive software development and mobility technology development. The proposed investment is aimed towards expansion of its Technical Center India(TCI).
Karnataka in the forefront in renewable energy
Karnataka is in the forefront in the renewable energy sector. The state recently signed an MoU with ReNew Power Company at Davos for an investment of Rs50,000 cr in renewable energy sector. The state has also signed an MoU with ACME Cleantech Solutions Company for setting up Hydrogen and Ammonia production plants in Mangaluru with an associated solar power unit with an investment of Rs52,000 cr.
The State government is formulating an exclusive Green Hydrogen policy to further consolidate its lead position in the renewable energy sector.