PETALING JAYA: Petroliam Nasional Bhd (Petronas) plans to invest 340 billion rupees (about US$4.1 billion or RM18.27 billion) in projects in the southern Indian state of Tamil Nadu, Indian media reported today.
The Malaysian energy giant aims to set up a green hydrogen and ammonia plant and its project has received the state government’s clearance, according to the reports.
It was one of the five investment proposals from Indian and foreign companies approved at the Cabinet meeting chaired by chief minister MK Stalin in Chennai on Tuesday, the reports said.
Petronas has a number of businesses in India in areas such as crude oil trading, liquefied petroleum gas (LPG), petrochemicals, lubricants, and liquefied natural gas (LNG).
In March, Petronas was reported to have offered 38 billion rupees (US$460 million or RM2.05 billion) to buy a 20% stake in the green energy arm of India’s largest power producer, NTPC, in the first deal of its kind by a state-run firm.
The renewable energy sector is among the country’s top five industries for overseas funds this fiscal year, taking a 5% share of all inflows from April to September 2022 against 3.3% in the same period a year earlier, data from India’s commerce ministry revealed.