Avaada Group, backed by Thailand's PTT group, announced plans to invest around ₹40,000 crore in two green fuel projects: a green ammonia plant in Odisha and a green methanol facility in Maharashtra. The company aims to spend about ₹20,000 crore on each project over the next three to four years, founder and chairman Vineet Mittal said in an interview.
The green ammonia plant is being developed in Gopalpur, Odisha, while the green methanol facility is planned for Nagpur, Maharashtra. The Gopalpur project has received Renewable Fuels of Non-Biological Origin (RFNBO) certification from the European Union for 85% of its fuel. Avaada is moving closer to signing binding offtake agreements, with talks ongoing with European buyers for long-term contracts. The methanol project and the ammonia project in Dighi, Maharashtra, are currently in the conceptualisation stage.
This investment is part of Avaada's broader plan to invest around ₹1 trillion in low-carbon fuel projects over the next three to four years. The company intends to set up a total of four green fuel facilities. The push into green ammonia and methanol aligns with global trends toward sustainable energy sources and supports India's goals for clean energy. The announcement precedes Avaada Electro's proposed ₹7,600 crore initial public offering planned for later this year.
Avaada Ventures Pvt. Ltd., the group's holding company, recently repaid Brookfield Renewable’s debt in a transaction valued at about ₹6,713 crore. The company expects to finalize binding offtake agreements for its Gopalpur green ammonia project by next year, marking a key milestone in its green fuel expansion strategy.