Avaada plans ₹40,000 crore capex for green ammonia, methanol plants
The manufacturing push comes ahead of a proposed ₹7,600 crore initial public offering of Avaada’s solar module manufacturing arm, Avaada Electro, planned for the end of this year.
Avaada, backed by Thailand's PTT group, plans to invest ₹40,000 crore each in a green ammonia plant in Odisha and a green methanol facility in Maharashtra. The group aims to increase its investments by around ₹1 trillion over the next three to four years, according to founder and chairman Vineet Mittal. The two projects, located in Dighi, Maharashtra, and Gopalpur, Odisha, are at different stages of development - with off-take agreements expected to be signed by next year.
Avaada is also seeking long-term offtake agreements from European buyers for green ammonia. The company plans to establish four green fuel facilities in the coming years and is negotiating with potential customers. Avaada Ventures Pvt. Ltd., the holding company, recently repaid Brookfield Renewable’s debt of ₹6,713 crore. The Gopalpur project is expected to be operational by 2030, while the Nagpur methanol plant's size and allocation are still being finalized.
The company aims to build 30 gigawatts of renewable energy capacity by 2030, focusing on renewable generation, manufacturing, storage, and green molecules.
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