The state-owned oil and gas firm of Malaysia, Petronas, will invest more than Rs 34,000 crore in the construction of a green hydrogen and ammonia factory in southern Tamil Nadu.
According to official sources, the Tamil Nadu cabinet approved five projects, including the Petronas project, during their meeting with Chief Minister M K Stalin. In order to establish a green hydrogen project in southern Tamil Nadu, Petronas has been looking for property.
The cabinet also approved investments of Rs 400 crore by Caterpillar, a theme park operator’s project, and a joint venture investment by an Indian and a foreign company in the electric car industry.
Investment in green hydrogen, a sunrise sector, is pouring into the state which is yet to unveil its green hydrogen policy. According to sources, the policy, which was expected to be announced last month, could take some more time as incentives have already been provided to the companies. Any additional incentives could be a burden on the state
