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In April 2023, Canadian investment powerhouse Brookfield agreed to invest up to $1 billion in the Avaada Group to support its green energy initiatives.

Founded by the social entrepreneur Vineet Mittal in 2007, the Mumbai-based Avaada Group had a turnover of around Rs 4,000 crore in the last financial year.

The plant will be powered entirely by renewable energy, utilising Casale’s advanced ammonia production technology to ensure a carbon-free process.

The investment would be made in the sustainable energy sector.

The project is slated to generate around 1,500 direct and 4,000 indirect job opportunities with an aim to curtail annual carbon dioxide emissions by nearly two million tonnes.

The group will also set up wind and solar energy plants in Anantapur or Chittoor.