Hero Future Energies Signs Rs 10 Billion MoU with Karnataka

03 Dec 2024 CW Team

HFEPL, a part of the Hero Group, was founded in 2012 by Rahul Munjal, who serves as the Chairman and Managing Director of the company. Hero MotoCorp, the flagship company of Hero Group, is the largest two-wheeler manufacturer globally. HFEPL also counts marquee investors such as the International Finance Corporation (IFC) of the World Bank Group and KKR among its backers.

The proposed projects by HFEPL in Karnataka will involve a total investment of Rs 110 billion over the next two to three years, beginning in 2025-26. These initiatives are expected to create nearly 3,000 jobs in Karnataka.

During the MoU signing, HFEPL leadership emphasized that the company recognizes the need for bold actions to address unprecedented environmental challenges. They stated that with a renewable energy portfolio exceeding 6 GW, HFEPL is extending its decarbonisation efforts beyond the grid, targeting hard-to-abate sectors such as transportation and heavy engineering manufacturing.

The leadership further mentioned that as India positions itself as a major exporter of clean energy, Hero Future Energies is poised to lead this transition. They plan to leverage their expertise and early-mover advantage in green hydrogen and its derivatives to develop innovative decarbonisation solutions, with a focus on exporting them globally. They also noted that Karnataka, with its progressive policies, abundant renewable resources, and focus on green innovation, offers an ideal environment to achieve their vision.

The signing ceremony was attended by MB\. Patil, the Minister for Large and Medium Industries and Infrastructure Development of Karnataka.

As part of the MoU, the Karnataka Government will provide the necessary permissions, approvals, and incentives to ensure the timely establishment of the projects in accordance with the state's prevailing policies and regulations.

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Hero Future Energies (HFEPL) signed a Memorandum of Understanding (MoU) with the Government of Karnataka on Sunday, committing to invest Rs 110 billion in setting up projects focused on Renewable Energy, Green Hydrogen, and its derivatives in the state. HFEPL, a part of the Hero Group, was founded in 2012 by Rahul Munjal, who serves as the Chairman and Managing Director of the company. Hero MotoCorp, the flagship company of Hero Group, is the largest two-wheeler manufacturer globally. HFEPL also counts marquee investors such as the International Finance Corporation (IFC) of the World Bank Group and KKR among its backers. The proposed projects by HFEPL in Karnataka will involve a total investment of Rs 110 billion over the next two to three years, beginning in 2025-26. These initiatives are expected to create nearly 3,000 jobs in Karnataka. During the MoU signing, HFEPL leadership emphasized that the company recognizes the need for bold actions to address unprecedented environmental challenges. They stated that with a renewable energy portfolio exceeding 6 GW, HFEPL is extending its decarbonisation efforts beyond the grid, targeting hard-to-abate sectors such as transportation and heavy engineering manufacturing. The leadership further mentioned that as India positions itself as a major exporter of clean energy, Hero Future Energies is poised to lead this transition. They plan to leverage their expertise and early-mover advantage in green hydrogen and its derivatives to develop innovative decarbonisation solutions, with a focus on exporting them globally. They also noted that Karnataka, with its progressive policies, abundant renewable resources, and focus on green innovation, offers an ideal environment to achieve their vision. The signing ceremony was attended by MB\. Patil, the Minister for Large and Medium Industries and Infrastructure Development of Karnataka. As part of the MoU, the Karnataka Government will provide the necessary permissions, approvals, and incentives to ensure the timely establishment of the projects in accordance with the state's prevailing policies and regulations.

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