Hero Future Energies to Invest Rs 11,000 Crore in Green Hydrogen Projects in Karnataka
Key Ideas
- Hero Future Energies signed an agreement with the Government of Karnataka for renewable energy and green hydrogen projects, investing Rs 11,000 crore.
- The initiative is expected to create around 3,000 jobs in Karnataka over two to three years.
- Marquee investors like the International Finance Corporation and Kohlberg Kravis Roberts are supporting Hero Future Energies' ventures.
Hero Future Energies Private Limited (HFEPL) has partnered with the Government of Karnataka to establish projects in Renewable Energy, Green Hydrogen, and its derivatives in the state. The investment for these ventures amounts to Rs 11,000 crore, with a focus on sustainable industrial development. The Memorandum of Understanding was finalized during London Roadshows, emphasizing the state's commitment to green energy solutions. HFEPL, a subsidiary of the Hero Group, plans to commence these projects in 2025-26 and anticipates creating nearly 3,000 jobs in Karnataka. State Minister M B Patil expressed confidence in the collaboration, highlighting the government's role in providing necessary permissions, approvals, and incentives to ensure project success within the state's regulations. This partnership aims to position Karnataka as a preferred investment destination while contributing to environmental sustainability and fostering job opportunities.