Market Chatter: Japan, India to Back $3 Billion Hydrogen-Ammonia Project

MT Newswires Live06-30 11:26

Tokyo and New Delhi are set to finalize support for a massive green ammonia venture between IHI (TYO:7013) and ACME during Prime Minister Modi's meeting with his Japanese counterpart later this week, Nikkei Asia reported on Tuesday.

The $3 billion plant in India will produce 400,000 tons of ammonia annually using solar-powered electrolysis, with output destined for Japanese utilities, chemical makers, and semiconductor firms, the news daily said.

The initiative reflects both countries' push to secure stable energy amid the Middle East conflict, with future phases may also supply the Indian domestic market if capacity expands, the publication said.

IHI and ACME didn't immediately respond to MT Newswire's request for comment.

(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

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