- Tuesday, May 07, 2024
Under their joint venture, Korea’s LTech UVC and India’s ACME Group will construct a green hydrogen ammonia plant in the South Asian country.
By: Twinkle Roy
SOUTH KOREA’S LTech UVC has recently signed with ACME Group, a leading Indian energy conglomerate, a new business agreement in Dubai, UAE, to further the two Asian economies’ aspirations in the field of green energy.
LTech UVC, which is a global producer of green energy resources based on green hydrogen ammonia, will enter India with the support of Seoul through the $3 billion (£2.4 billion) joint venture that will see the two companies set up a green hydrogen ammonia plant, Gulf News reported.
The joint project coincides with the green hydrogen forum’ CONNECTING GREEN HYDROGEN MENA’ in Dubai.
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LTech UVC also plans to import green hydrogen produced by ACME to South Korea. It is believed that 200,000 tons of green ammonia will be produced annually.
Ashwani Dudeja, president of Green Energy, ACME Group was quoted as saying by Gulf News, “As this is the first green hydrogen project with a Korean company, we will strive to achieve tangible results.”
“We look forward to expanding our business with LTechUVC in the future,” he added.
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Ji-young Lee, CEO of LTech UVC, welcomed the partnership saying, “We are pleased to be working with a large Indian company that has the capability to lead the global green energy market.
“We will continue to pursue green energy projects with more countries and companies to be at the centre of the global green energy market.” he added, according to the Gulf News.
The joint venture marked the culmination of longstanding efforts by the two companies exploring concrete ways to enter the Indian market through the ‘Seminar to Promote Green Hydrogen in South Korea-India’ and business discussions at the Indian embassy. In March, they met in Dubai to give the business plan a solid shape, the report added.
The ACME Group is also developing green ammonia production projects in the eastern Indian state of Odisha, with a total capacity of 1,200 kilotons (kt) annually, and in Duqm Port, Oman, with a total annual capacity of 800 kt.
These projects can meet the energy needs of 2.5 million homes in India.
The group is set to channel $3 billion into extensive green energy initiatives, projecting sustained contracted revenues of around $360 million annually for a decade.
