In line with our strategic objectives and commitment to sustainable growth, Avaada Group's Green Ammonia division is pleased to announce the formalisation of a Memorandum of Understanding with REC Ltd. This seminal agreement paves the way for the financing of our green ammonia endeavour in Odisha, representing an investment commitment of 15,000 crore (approximately $1.8 Billion USD).

The MOU was executed with due ceremony in Bhubaneshwar, graced by the presence of CMD Vivek Kumar Dewangan of REC and Hemant Kumar Sharma, Principal Secretary, Industries Department, Govt of Odisha.

This corporate alliance underscores our unwavering dedication to championing sustainable energy practices within the Indian subcontinent. It aligns impeccably with the nation's ambitious trajectory to establish itself as a formidable player in the realm of Green Hydrogen production. We are immensely grateful for the steadfast support of the Odisha government, allowing us to channel significant investments in green energy, thereby bolstering the nation's paradigm shift towards decarbonisation.

Vineet Mittal, Chairman of Avaada Group commented, "Our collaboration with REC Ltd epitomises the convergence of vision and action. This enterprise fortifies our journey and augments India?s trajectory towards realising Net Zero by 2070. We wish to extend our profound gratitude to the Government of Odisha for their ceaseless patronage."