Utkarsh Odisha Conclave: Avaada Group to invest Rs 20,000 Crore

Avaada Group unveiled plans on Tuesday to invest Rs 20,000 crore in Gopalpur’s burgeoning renewable energy sector. This initiative underscores a significant step forward in advancing sustainable energy solutions in the region.

According to sources, the company is also poised to ink a Memorandum of Understanding (MoU) with the State government concerning a prospective project in Paradip.

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The Avaada Group chief Vineet Mittal has been closely involved in discussions with the Odisha government to ensure the strategic alignment of these projects, highlighting the potential economic and environmental benefits this investment could bring.

“Sun Temple in Konark is the best example of the Sun God being worshipped in India as per Hindu mythology. We worship Vayu Dev and Jal Devi as well. Receiving energies from these natural sources, we will produce green energy round-the-clock,” Vineet Mittal said to OTV.

“Initially, we will invest Rs 20,000 Crore in Odisha which will subsequently be increased. We have made substantial progress with regard to our project in Gopalpur. However, the project work is yet to commence in Paradip,” the Avaada Group chief expressed.

Worth mentioning, Avaada Group has made notable investments in Odisha’s green energy sector. In October 2024, the company announced a fresh commitment of Rs 20,000 Crore to the State’s sustainable energy initiatives.

This pledge was made during a meeting with Chief Minister Mohan Charan Majhi, as part of the Utkarsh Odisha: Make-in-Odisha Conclave 2025 roadshow. Earlier, in February 2024, Avaada Group launched a green hydrogen project in Gopalpur of Ganjam.

Avaada Group’s investments in Odisha are primarily focused on green hydrogen and ammonia production. The project is expected to generate nearly 1,600 direct jobs and 4,000 indirect employment opportunities.

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This ambitious project is envisioned to be one of the largest green hydrogen facilities in India, leveraging renewable energy sources like solar and wind for clean hydrogen production through electrolysis.

The project includes a ‘cutting-edge’ ammonia storage facility to be developed at Gopalpur Port, enabling the export of green hydrogen and contributing to global net-zero goals.