Hero Group Plans Rs 20,000 Crore Green Fuel Facility in Davangere

Karnataka, Feb 13 (KNN) Karnataka is set to host India's first-of-its-kind manufacturing facility that will transform industrial carbon emissions into e-methanol, marking a significant milestone in the state's clean energy initiatives.

Hero Future Energies, the renewable energy division of Hero Group, will establish this innovative plant in Harihar, Davangere, with an estimated investment of Rs 20,000 crore.

The project, discussed between Hero Future Energies chairperson Rahul Munjal and Chief Minister Siddaramaiah, aims to capture carbon emissions from Grasim Industries' Viscose Staple Fibre unit.

The captured carbon will be combined with hydrogen to produce e-methanol, a synthetic green fuel that could revolutionize the clean energy sector.

This announcement came during a larger investment drive at Invest Karnataka, where several major companies unveiled significant commitments.

Epsilon Group pledged Rs 15,350 crore for developing an EV battery testing and advanced materials facility, while American semiconductor giant Lam Research confirmed its Rs 10,000 crore investment plans in the state.

The investment momentum extended to international participants, with 15 Japanese companies collectively committing Rs 7,500 crore across various sectors including automobile manufacturing and industrial automation.

Additionally, TVS Motor Company announced a Rs 2,000 crore investment plan for establishing a Global Capability Centre and expanding its Mysuru operations over the next five years.

In a boost to rural development, Nirani Sugars committed Rs 2,000 crore for a polylactic acid manufacturing facility in Bagalkot, promising to generate 600-800 direct employment opportunities.

This diverse range of investments underscores Karnataka's growing appeal as a preferred destination for both domestic and international investors, particularly in emerging green technologies and advanced manufacturing sectors.

(KNN Bureau)