The MOUs will see Sembcorp and the Odisha government exploring the development of a production facility for green hydrogen and its derivatives and developing an industrial park in the Indian state.
Sembcorp Industries, through its wholly-owned subsidiaries, Sembcorp Green Hydrogen India Private Limited (SGHIPL) and Sembcorp Development Ltd, has signed two non-binding memoranda of understanding (MOUs) with the government of Odisha, India. The MOUs were signed during the sidelines of President Tharman Shanmugaratnam’s visit to India.
One of the MOUs signed by SGHIPL and the Industrial Promotion & Investment Corporation of Odisha Limited, will see both parties exploring the development of a production facility for green hydrogen and its derivatives. The facility will a production capacity of 720,000 metric tonnes per annum. Located in Odisha, the facility is expected to generate 2,000 jobs when it is operational.
Another MOU, signed by Sembcorp Development and Odisha Industrial Infrastructure Development Corporation, explores the possibility of developing an industrial park in Odisha.
In its Jan 17 statement, Sembcorp says it will continue to look at opportunities to deepen its presence in India.
The signing of the MOUs is not expected to materially impact Sembcorp’s earnings per share (EPS) and net tangible assets (NTA) per share for the FY2025 ending Dec 31.
Shares in Sembcorp closed 7 cents higher or 1.26% up at $5.63 on Jan 17.
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