Hero Future Energies signs MoU to invest Rs 11,000 cr in Karnataka

PTI, Dec 1, 2024, 6:05 PM IST

Bengaluru: Hero Future Energies Private Limited (HFEPL) has entered into an agreement with the Government of Karnataka to set up projects in Renewable Energy, Green Hydrogen, and its derivatives in the state, with an investment of Rs 11,000 crore, state Minister M B Patil said on Sunday.

The Memorandum of Understanding was formalised during the London Roadshows, Patil, who oversees the large and medium industries and infrastructure portfolio, said in a statement.

HFEPL, part of the Hero Group, was founded in 2012 by Rahul Munjal, the company’s chairman and managing director. Hero Group’s flagship company, Hero MotoCorp, is one of the largest two-wheeler manufacturers in the world, the statement added.

The statement also highlighted that marquee investors such as the International Finance Corporation (IFC) of the World Bank Group and Kohlberg Kravis Roberts (KKR) are backing HFEPL.

“HFEPL’s proposed projects in Karnataka will involve a total investment of Rs 11,000 crore over two to three years, starting in 2025-26. These initiatives are expected to generate nearly 3,000 jobs in Karnataka,” Patil said.

The Minister further stated that the state government would facilitate the necessary permissions, approvals, and incentives to ensure the projects are established on time under the state’s prevailing policies and regulations.

“This collaboration reinforces Karnataka’s position as a preferred investment destination and underscores the state’s leadership in driving green energy solutions and sustainable industrial development,” Patil added.