Industry News | 7 Jan 2023 | mojo4industry | mojonews
Today’s headlines are:
• Union Cabinet approves National green hydrogen Mission
• Hero Motors plans to invest Rs 1500 crore in electric vehicles in India and Thailand
• Rs 17,000-Crore Bengaluru-Chennai Expressway to be completed by March 2024
📰 Union Cabinet approves National green hydrogen Mission.
The Union Cabinet has approved the ‘National Green Hub Mission’ with an aim of making India a hub for manufacturing ‘clean sources of energy’. Previously, in the 2021-22 Union Budget Speech, Finance Minister Nirmala Sitaraman, proposed to launch the National Hydrogen Mission to generate hydrogen from renewable energy sources. Prime Minister Narendra Modi, announced the Mission’s launch later in his Independence Day speech in August 2021. The project aims to increase annual green hydrogen production, to 5 million tonnes, as well as add about 125 gigawatts, of renewable energy capacity. It is expected to gradually attract, over ₹8 lakh crore in investments, over six lakh jobs, and an overall reduction of more than ₹1 lakh crore in fossil fuel imports.
📰 Hero Motors plans to invest Rs 1500 crore in electric vehicles in India and Thailand.
Hero Motors is gearing up for a big push towards electric vehicles in the next three years. The company is reportedly looking to invest Rs 1500 crore to establish itself as a mainstream player in the growing EV components sector by 2026. New manufacturing plants in India and Thailand will be set up as part of the new EV venture.The Rs 1,500 crore raised, will be utilised to set up a forging facility, disc brake manufacturing unit and building gearboxes for BMW in Thailand. The manufacturer will also focus on boosting its R&D in the EV space. With everything in place, Hero Motors expects up to 60 percent of its revenue, to come from the EV parts venture.
📰 Rs 17,000-Crore Bengaluru-Chennai Expressway to be completed by March 2024.
Union Minister for Road Transport and Highways Nitin Gadkari was on a whirlwind tour of Bengaluru and inspected some of the National Highway projects. He said the Bengaluru-Chennai Expressway would be ready by next year. On the Bengaluru-Mysuru section, a 52-km of greenfield alignment is also part of the project. The cost of the project is Rs 9,000 crore. The Union Minister, who conducted an aerial survey of the highways, said the Ministry is also working on the Bengaluru Satellite Ring Road at an estimated cost of Rs 17,000 crore under the Bharatmala project to decongest Bengaluru.
