K’taka signs Rs 51K-cr deal with Acme Cleantech

In yet another big-ticket investment proposal, Haryana-based Acme Cleantech Solutions Private Ltd signed an agreement with the Karnataka government on Monday to invest Rs 51,856 crore.

The investment will be made over the next five years in two phases, according to the memorandum of understanding (MoU) signed in the presence of Chief Minister Basavaraj Bommai.

According to the MoU, the investment is expected to generate employment to 1,800 people. The company will set up a 1.2 mtpa green hydrogen and ammonia plant along with a solar power unit.

In the first phase, Rs 5,300 crore will be invested while the second phase will see investment to the tune of Rs 46,565 crore.

The MoU was signed between Additional Chief Secretary (commerce & industries) E V Ramana Reddy and Acme Cleantech COO Sandeep Kashyap. Energy Minister V Sunill Kumar and Acme Group vice president Shashi Shekar were present.

This is the second such big-ticket investment that has come Karnataka’s way. At the World Economic Forum summit at Davos last month, ReNew Power, another Haryana-based company, signed an MoU promising to invest Rs 50,000 crore over the next seven years in the renewable energy sector.

Bommai said the Acme deal showed that Karnataka has remained a top investment destination. "Karnataka has been successful in drawing the highest Foreign Direct Investments (FDI) among Indian states. The FDI inflow during the last three quarters is testimony to this achievement," the CM said.