Petronas, Malaysia’s state-owned oil and gas company, will be investing more than Rs 340 billion in setting up a green hydrogen and ammonia plant in southern Tamil Nadu, according to official sources.
The Tamil Nadu cabinet, which met under Chief Minister M K Stalin last week, gave its nod for five projects, including the Petronas one, official sources said. Petronas has been scouting for land to set up a green hydrogen project in southern Tamil Nadu.
Investment in green hydrogen, a sunrise sector, is pouring into the state which is yet to unveil its green hydrogen policy. According to sources, the policy, which was expected to be announced last month, could take some more time as incentives have already been provided to the companies. Any additional incentives could be a burden on the state exchequer, sources said.
Gurugram-based ACME Green Hydrogen and Chemicals Pvt. Ltd. is already setting up a green ammonia and green hydrogen factory in the port town of Thoothukudi at a cost of Rs 524.74 billion. Many global firms like Australian-based Fortescue Future Industries, which is vying to gain first-mover advantage in hydrogen investment, are tying up with Indian companies to set up a plant in the country.
