Shares of Tata Steel were trading in the green on 8 September after the company’s arm signed a memorandum of understanding (MoU) with AVAADA Group for a green hydrogen and ammonia manufacturing unit in Odisha.

The company’s wholly-owned subsidiary, Tata Steel Special Economic Zone Ltd, signed a MoU with AVAADA Group that is to be constructed at the Gopalpur Industrial Park in the Ganjam district.

The financial details of the deal have yet to be disclosed.

AVAADA Group is an integrated energy platform that manufactures solar cells, modules, and electrolysers for renewable power generators, green ammonia, and green hydrogen production.

The project will create around 1,600 direct and 4,000 indirect employment opportunities and will reduce nearly 2 million tonnes of carbon dioxide emission annually.

Manikanta Naik, Managing Director of Tata Steel Special Economic Zone, said this is the second project in the green hydrogen and ammonia manufacturing sector.

At 12:46 pm, the shares of Tata Steel were trading at Rs 130.55 or 0.31% above its previous close on NSE.