The Karnataka government has signed a memorandum of understanding (MoU) with Petronas Hydrogen Malaysia and Continental Automotive Components (India) for an investment worth Rs 320 billion.
Petronas will to invest Rs 312 billion to set up renewable energy plant in Mangaluru. Meanwhile, Continental Automotive will investaround Rs 10 billion in a research and development center. The proposed investment is towards the expansion of its Technical Center India. The state government has been making investments in the renewable energy sector. Recently, it had signed an MoU with ReNew Power for an investment of Rs 500 billion in the renewable energy sector. It had also inked an MoU with ACME Cleantech Solutions for setting up hydrogen and ammonia production plants in Mangaluru with an associated solar power unit with an investment of Rs 520 billion.