Tata Steel gains after subsidiary signs MoU for green hydrogen plant in Odisha

Tata Steel Limited rose more than 1 per cent in the morning of 8 September after the company signed a contract with AVAADA Group for a green hydrogen and ammonia production facility in Orissa.
AVAADA said it had signed a memorandum of understanding (MoU) with Tata Steel Special Economic Zone Limited (TSSEZL), but did not disclose financial details of the project to be built at Gopalpur Industrial Estate in Ganjam district.
Avaada Group is an integrated energy platform with wide-ranging interests from the production of solar cells, modules and electrolysers to the production of renewable energy, green hydrogen and green ammonia. TSSEZL General Manager Manikanta Naik said this is the second investment in green hydrogen and ammonia production given the lucrative offer for unit construction.
The project is expected to create approximately 1,600 direct and 4,000 indirect job opportunities, and aims to reduce carbon emissions by nearly 2 million tons annually. Commenting on the partnership, Vineet Mittal, Chairman of AVAADA Group, said the partnership aims to accelerate the transition to green energy and boost India’s ambition to become a global hub for green hydrogen production. Ta.
It was trading at 130.50 rupees on the National Stock Exchange at 10:15 am, up 0.27% from the previous closing price.