Hero Future Energies Signs Rs 10 Billion MoU with Karnataka
03 Dec 2024
2 Min Read
CW Team
Hero Future Energies (HFEPL) signed a Memorandum of Understanding (MoU) with the Government of Karnataka on Sunday, committing to invest Rs 110 billion in setting up projects focused on Renewable Energy, Green Hydrogen, and its derivatives in the state.
HFEPL, a part of the Hero Group, was founded in 2012 by Rahul Munjal, who serves as the Chairman and Managing Director of the company. Hero MotoCorp, the flagship company of Hero Group, is the largest two-wheeler manufacturer globally. HFEPL also counts marquee investors such as the International Finance Corporation (IFC) of the World Bank Group and KKR among its backers.
The proposed projects by HFEPL in Karnataka will involve a total investment of Rs 110 billion over the next two to three years, beginning in 2025-26. These initiatives are expected to create nearly 3,000 jobs in Karnataka.
During the MoU signing, HFEPL leadership emphasized that the company recognizes the need for bold actions to address unprecedented environmental challenges. They stated that with a renewable energy portfolio exceeding 6 GW, HFEPL is extending its decarbonisation efforts beyond the grid, targeting hard-to-abate sectors such as transportation and heavy engineering manufacturing.
The leadership further mentioned that as India positions itself as a major exporter of clean energy, Hero Future Energies is poised to lead this transition. They plan to leverage their expertise and early-mover advantage in green hydrogen and its derivatives to develop innovative decarbonisation solutions, with a focus on exporting them globally. They also noted that Karnataka, with its progressive policies, abundant renewable resources, and focus on green innovation, offers an ideal environment to achieve their vision.
The signing ceremony was attended by MB\. Patil, the Minister for Large and Medium Industries and Infrastructure Development of Karnataka.
As part of the MoU, the Karnataka Government will provide the necessary permissions, approvals, and incentives to ensure the timely establishment of the projects in accordance with the state's prevailing policies and regulations.
Hero Future Energies (HFEPL) signed a Memorandum of Understanding (MoU) with the Government of Karnataka on Sunday, committing to invest Rs 110 billion in setting up projects focused on Renewable Energy, Green Hydrogen, and its derivatives in the state.
HFEPL, a part of the Hero Group, was founded in 2012 by Rahul Munjal, who serves as the Chairman and Managing Director of the company. Hero MotoCorp, the flagship company of Hero Group, is the largest two-wheeler manufacturer globally. HFEPL also counts marquee investors such as the International Finance Corporation (IFC) of the World Bank Group and KKR among its backers.
The proposed projects by HFEPL in Karnataka will involve a total investment of Rs 110 billion over the next two to three years, beginning in 2025-26. These initiatives are expected to create nearly 3,000 jobs in Karnataka.
During the MoU signing, HFEPL leadership emphasized that the company recognizes the need for bold actions to address unprecedented environmental challenges. They stated that with a renewable energy portfolio exceeding 6 GW, HFEPL is extending its decarbonisation efforts beyond the grid, targeting hard-to-abate sectors such as transportation and heavy engineering manufacturing.
The leadership further mentioned that as India positions itself as a major exporter of clean energy, Hero Future Energies is poised to lead this transition. They plan to leverage their expertise and early-mover advantage in green hydrogen and its derivatives to develop innovative decarbonisation solutions, with a focus on exporting them globally. They also noted that Karnataka, with its progressive policies, abundant renewable resources, and focus on green innovation, offers an ideal environment to achieve their vision.
The signing ceremony was attended by MB\. Patil, the Minister for Large and Medium Industries and Infrastructure Development of Karnataka.
As part of the MoU, the Karnataka Government will provide the necessary permissions, approvals, and incentives to ensure the timely establishment of the projects in accordance with the state's prevailing policies and regulations.
Next Story
Mumbai-Ahmedabad Bullet Train Set to Launch by 2028
India鈥檚 first bullet train is set to revolutionize high-speed travel along the western corridor, with the Mumbai-Ahmedabad high-speed rail project aiming for a 2028 launch. This announcement marks a major milestone in India鈥檚 infrastructure goals, as it promises to reduce travel time between the two economic hubs from eight hours to just three.Spanning a planned 508-kilometre stretch, the corridor stands as a flagship example of Indo-Japanese collaboration in technology and engineering. Once operational, the train is expected to transform intercity mobility and place India among the select..
Next Story
Mumbai-Gandhinagar Train Service Enhances Passenger Capacity
The Mumbai Central鈥揋andhinagar Capital Vande Bharat Express has increased its passenger capacity by adding four additional AC chair car coaches to meet the growing commuter demand on one of India鈥檚 busiest business corridors. This upgrade, effective from 11 May, raised the train鈥檚 seating capacity from 1,128 to 1,440 passengers, allowing it to serve 936 more passengers daily in both directions. The increase was described as a practical measure to accommodate the surging demand on the busy Mumbai鈥揂hmedabad鈥揋andhinagar route, which regularly operates at over 150 percent seat occupancy...
Next Story
Delhi Plans 12 Sewage Plants to Clean Najafgarh Drain Efficiently
Delhi鈥檚 ambitious plan to improve the water quality of the Yamuna River has gained significant momentum as the Delhi Jal Board (DJB) has begun work on 12 new sewage treatment plants (STPs) aimed at reducing the volume of untreated sewage being discharged from the Najafgarh Drain.This initiative forms part of the ongoing efforts to clean the Yamuna and restore the river鈥檚 health, which has long been a critical environmental issue for the national capital. Given the alarming pollution levels in the Yamuna, experts and officials consider this project a vital step toward addressing the persist..
