Maharashtra signs MoUs for Rs 2.76 lakh crore investment in green hydrogen and integrated steel plant

In a recent announcement, Deputy Chief Minister Fadnavis declared Maharashtra as the first state to implement a robust green hydrogen strategy, aligning with Prime Minister Narendra Modi's ambitious decarbonization goal by 2030. Highlighting the significance of green hydrogen technology in achieving energy generation while maintaining environmental balance, Fadnavis emphasized the state's commitment to sustainable practices.

Under the Nippon 20,000 initiative, seven enterprises are set to contribute significantly, generating a total of 72,400 employment opportunities. Chief Minister Shinde disclosed that an agreement with ArcelorMittal would alone result in 20,000 jobs. Present at the announcement were key figures including Industries Minister Uday Samant, Principal Advisor to Chief Minister Manoj Saunik, Principal Secretary of the Industries Department Dr. Harshdeep Kamble, MIDC CEO Vipin Sharma, Nippon Steel Deputy Director Kubota San, Chief Executive Officer Amit Haralka, and Deputy Chief Minister's Special Task Officer Kaustubh Dhavse.

Chief Minister Shinde underscored the economic growth attributed to the project connecting the state's iron mines. The combined projects of the seven contracted businesses are projected to have a total capacity of 910 ktpa. In line with Prime Minister Modi's focus on green hydrogen, Shinde mentioned the state government's provision of incentives for green hydrogen developers to support the objective of generating 500 ktpa of renewable hydrogen by 2030.

Deputy Chief Minister Fadnavis highlighted the favorable investment climate in Maharashtra, noting that 35% of the country's significant infrastructure projects are currently underway in the state. This expansion of investments and ongoing large-scale infrastructure projects are indicative of the state's growing economic influence.

The interaction between Chief Minister Shinde and industrialist Lakshmi Mittal occurred in Davos, where Mittal expressed his interest in investing in multiple projects rather than limiting himself to a single endeavor. The exchange took place in the context of a broader debate on economic development and investment opportunities.