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Advait Greenergy inks MOU in Vibrant Gujarat for Investments and Projects worth INR 1,400 Crore including Electrolyser, Fuel Cell, ERS, and EPC Projects
Advait Energy Transitions Ltd (formerly Advait Infratech Ltd) on Friday (October 10) said its subsidiary Advait Greenergy Private Ltd has signed a Memorandum of Understanding (MoU) with the Government of Gujarat in Mehsana, Gujarat, as part of the Investment Promotion Activity for the Vibrant Gujarat Regional Conference.
As per the disclosure, the MoU aims to promote investments in Gujarat, with Advait Greenergy proposing to establish two projects aggregating to ₹1,450 crore in the state.
Under the MoU, the Government of Gujarat will facilitate Advait Greenergy Private Limited in obtaining all necessary permissions, registrations, approvals, and clearances from relevant state departments, in accordance with existing policies, rules, and regulations.
The company clarified that the Government of Gujarat does not hold any shareholding in Advait Greenergy Private Ltd, and the agreement does not involve any related party transactions or issuance of shares. There are no special rights, appointments, or changes in capital structure arising from this agreement.
No loan arrangement or security provision is involved in the MoU, and there are no nominees from the government on the board of the company or any potential conflict of interest arising from the agreement.
