Hero Future Energies Private Limited (HFEPL) signed a Memorandum of Understanding (MoU) with the Government of Karnataka on Sunday, committing to an investment of Rs 11,000 crore in renewable energy, green hydrogen, and its derivatives in the state, according to an official release.
HFEPL, part of the Hero Group, was founded in 2012 by Rahul Munjal, the company’s Chairman and Managing Director. The Hero Group’s flagship company, Hero MotoCorp, is the world’s largest manufacturer of two-wheelers. HFEPL also counts major investors like IFC, a part of the World Bank Group, and KKR.
The proposed projects in Karnataka are expected to involve an investment of Rs 11,000 crore over the next two to three years, beginning in 2025-26. The projects are anticipated to create nearly 3,000 jobs in the region.
During the MoU signing, HFEPL’s leadership stated, “At Hero Future Energies, we understand that addressing unprecedented environmental challenges requires bold and decisive action for the future of energy. With a renewable energy portfolio of over 6 GW, we are extending our decarbonization efforts beyond the grid to sectors like transportation and heavy manufacturing.”
“As India positions itself as a major exporter of clean energy, Hero Future Energies is ready to lead this transition, using its expertise and early-mover advantage in green hydrogen and its derivatives to develop unique decarbonization solutions that will benefit the world. Karnataka, with its forward-thinking policies, abundant renewable resources, and focus on green innovation, offers the ideal environment to realize our vision,” the company’s leadership added.
The MoU signing ceremony was attended by M.B. Patil, Karnataka’s Minister for Large and Medium Industries and Infrastructure Development, along with other officials.
Under the MoU, the Karnataka Government will facilitate necessary permissions, approvals, and incentives to ensure the timely establishment of these projects in line with the state’s policies and regulations. The collaboration reinforces Karnataka’s status as a prime investment destination and highlights the state’s leadership in promoting green energy solutions and sustainable industrial development.
The MoU was formalized during the London Roadshows, reflecting Karnataka’s commitment to attracting global investments and advancing technological innovation. This initiative is also a key element of the state’s preparations for the Global Investors Meet, Invest Karnataka 2025, which aims to create a competitive and digitally advanced industrial ecosystem.
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