Avaada Group, the Indian equity partner of Thai energy firm PTT Group, has signed a memorandum of understanding (MoU) to inject US$5 billion into a green ammonia plant with the Rajasthan state government’s Department of Industries and Commerce.
Out of the $5 billion, Avaada Energy received equity participation of roughly $475 million from PTT Group in 2021.
Calling the collaboration a game changer for India’s green push, Vineet Mittal, chair of Avaada Group, said green energy transition is vital to the country and will pave the way towards net-zero goals.
