03 Dec 2024
Hero Future Energies Private Limited (HFEPL) signed a Memorandum of Understanding (MoU) with the Government of Karnataka on Sunday, committing an investment of Rs 11,000 crore to establish projects in renewable energy, green hydrogen, and its derivatives in the state, according to an official release.
HFEPL, a part of the Hero Group, was established in 2012 by Rahul Munjal, the company's chairman and managing director. Hero MotoCorp, the Hero Group's flagship company, holds the title of the world's largest manufacturer of two-wheelers. In addition to the Hero Group, HFEPL's investors include the IFC, the lead investor of the World Bank Group, and KKR.
HFEPL's proposed projects in Karnataka will be set to involve a total investment of Rs 11,000 crore over the next two to three years, beginning in 2025-26. These initiatives are expected to generate around 3,000 jobs in the state.
During the MoU signing, the leadership at HFEPL stated, "At Hero Future Energies, we recognize that the environmental challenges we face require bold, decisive action to shape the future of energy. With a renewable energy portfolio exceeding 6 GW, we are expanding our decarbonisation initiatives beyond the power grid to include challenging sectors such as transportation and heavy engineering manufacturing."
leave your comment