Hygenco, REC enters into MoU to finance green ammonia project

19 Sep 2024 CW Team

Hygenco Green Energies, a producer of green hydrogen, announced that it has entered into a memorandum of understanding (MoU) with REC Ltd to finance Hygenco’s green ammonia project in Gopalpur, Odisha. Under the terms of the MoU, REC is set to fund up to $280 million for the project, while Hygenco plans to invest approximately $2.5 billion over the coming years in its green hydrogen and green ammonia initiatives across India.

Amit Bansal, the co-founder and CEO of Hygenco, stated that their projects aim to reduce carbon emissions and contribute to a sustainable future. The MoU was formalised during the 4th Global Re-Invest conference held in Gandhinagar, Gujarat.

In March 2024, Hygenco commissioned India’s first commercial green hydrogen plant in Hisar, Haryana. In 2022, the company signed India’s first long-term offtake agreement for green hydrogen related to the Hisar project with Jindal Stainless. Hygenco has also entered into agreements with major companies, including Sterlite Technologies, to supply green hydrogen.

The company aspires to become a global leader in green hydrogen and green ammonia solutions, with the goal of establishing projects that will help decarbonise industries that are typically difficult to abate, such as steel and chemicals.

Infrastructure Urban

06 Jul 2026

ABS Marine Sees CRISIL Credit Rating Upgrade

ABS Marine Services has secured an upgrade to its long term and short term credit ratings from CRISIL, reflecting improved profitability and revenue growth through long term contracts. CRISIL moved the long term rating from BBB+/Stable to A-/Stable and revised the short term rating from A2 to A2+. The action signals strengthened financial metrics and operational resilience. The company benefited from durable client relationships with firms such as ONGC and Schlumberger. The rating decision followed stronger cash flows and an enlarged bank loan facility, which increased from Rs 3,705 million (m..

Project BRAHMANK Marks 16 Years Of Strategic Roads In Arunachal

Project BRAHMANK is marking 16 years of work to establish strategic road and bridge links across Arunachal Pradesh, maintaining and developing 811 kilometres of roads and nearly 86 bridges that range from small culverts to large steel and arch bridges. These transport links are described as critical for ensuring year-round movement of defence personnel, equipment and essential supplies while improving everyday travel for people in remote villages. The project balances national security requirements with regional development by focusing on reliable access in challenging terrain. Notable enginee..

Longleng CSOs Give One Week Ultimatum Over Two-Lane Highway

Civil society organisations (CSOs) in Longleng district have demanded immediate restoration of the deteriorating Changtongya–Longleng two-lane road and sought a detailed status report on the stalled construction within one week. The demand followed a consultative meeting convened under the Phom Peoples' Council (PPC) to discuss welfare and development concerns. PPC president YB Angam Phom said prolonged non-maintenance had caused hardship to commuters and affected transportation, local commerce and the district's development. The meeting urged authorities to undertake immediate restoration a..