(Reuters) – Australia's Fortescue Metals Group said on Thursday its unit has teamed up with a subsidiary of Indian power producer JSW Energy for projects including production of hydrogen and its use in making steel in India.
Fortescue Future Industries (FFI) has signed the agreement with JSW Future Energy for collaborating on hydrogen mobility, green ammonia and their industrial applications in India.
FFI has been criss-crossing the globe signing framework agreements for renewable energy projects but has come under fire from analysts for providing little detail on how its projects would be funded.
FFI's fiscal 2022 expenditure is expected to be between $400 million and $600 million, Fortescue said in its fourth-quarter production report on Thursday.
Key areas of activity for FFI include green fleet development and decarbonisation technologies, as well as scoping studies and asset identification across Australia, Asia, Africa, Latin America, Europe and North America.
(Reporting by Arundhati Dutta in Bengaluru; editing by Vinay Dwivedi)