Bhubaneswar: The Avaada Group has committed to invest Rs 20,000 crore initially in renewable energy sector in Odisha.
The company, in a statement on Tuesday, said it had signed an agreement to invest Rs 20,700 crore to develop renewable energy projects in the state. The investment will be used for development of 1,500 MW of floating solar projects, two 1,000 MW pumped storage projects (PSP) and green energy equipment manufacturing units.
The Avaada Group has reaffirmed its commitment to sustainable growth by signing a Rs 20,700 crore MoU with the Odisha government in the presence of Chief Minister Mohan Charan Majhi at the Utkarsh Odisha – Make in Odisha Conclave in Bhubaneswar on Tuesday, it added.
The projects are expected to generate nearly 1,600 direct jobs and 4,000 indirect employment opportunities.
Speaking to media on the sideline of the conclave, chairman of Avaada Group Vineet Mittal said the investment is meant to tap the abundant sources of renewable energy in the state.
The company had announced a fresh commitment of Rs 20,000 crore to the state’s sustainable energy initiatives in October 2024.
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