Welspun World plans to invest ₹40,000 crore in Gujarat

Diversified group Welspun World on Wednesday pledged ₹40,000 crore investment to set up green hydrogen and green ammonia ecosystem in Gujarat.

The group, through its entity Welspun New Energy Ltd (WNEL), will explore the opportunities for development of green hydrogen projects and its derivatives in the state, according to a statement.

"The group is committed to support Gujarat's decarbonisation ambitions with a cumulative investment of over Rs 40,000 crore to build a vibrant green hydrogen and green ammonia ecosystem. Towards this, WNEL today entered into a strategic alliance with Gujarat Pipavav Port Limited (GPPL), promoted by APM Terminals, part of the AP Moller - Maersk Group," it said.

WNEL is among the winning bidders under the Solar Energy Corporation of India's (SECI) SIGHT tender, where it has won incentives for 20,000 MTPA of green hydrogen production.

It has also received in-principle approval from the Gujarat government for developing renewable energy projects on 20,000 acres of land. Further, WNEL is in advanced stages of development of 1,000 MW of renewable energy projects for leading manufacturing units in Gujarat.

WNEL's Executive Director and CEO Kapil Maheshwari said the collaboration is aimed to create an ecosystem for GPPL's transition towards sustainability through a mix of green ammonia and green methanol.

Further, green derivatives will also help Pipavav Port to strengthen its position globally as a green shipping line, he added.

Welspun World's Chairperson BK Goenka said the partnership with GPPL will explore avenues for reducing emissions by the shipping industry, a sector which is facing significant challenges in transitioning to green energy.

(With inputs from agencies)