Chair Avaada Group
Vineet Mittal is a serial entrepreneur and has first-hand experience in building multiple businesses from scratch across multiple sectors. After successful stints in BPO and IT space, he floated Welspun Energy in 2010 which became India’s largest renewable energy company with an installed base of 1.2 GW. In 2016, the platform was monetised successfully with the sale to Tata Power at a valuation of US $ 1.4 bn.
Driven by his passion for sustainability and clean energy transition, he floated the second platform named ‘Avaada’ in 2017. Avaada means the promise of a sustainable future and comes from two words ‘Ayurveda’ and ‘Vaada’ which means science of life and promise respectively.
Avaada Group is an integrated platform with business interests ranging from the manufacturing of solar cells, modules and electrolysers, renewable power generation, green hydrogen, and green ammonia production. Avaada Group’s flagship company Avaada Energy is the fastest growing renewable energy IPPs in India and within 5 years of existence, it has developed an impressive portfolio of 5 GW of operational and under construction capacities. At present, it is driving its way forward by growing the IPP business to 11 GW by 2025 and 25 GW by 2030.
Avaada Group’s solar manufacturing business comprises of state of art facility with an annual production capacity of 5 GW for cells and modules. The capacities are expected to get operational by early next year. By 2030, the group plans to scale up to 10 GW along with backward integration into polysilicon, ingots, and wafers.
Known for his sharp business acumen and seizing opportunities at early stages, Mr Mittal got into Green Hydrogen / Ammonia and is expanding fast in the space. With a cumulative capacity target of 4 MMTPA by 2030, the company is working on developing a 1 MMTPA Green Ammonia facility in India which is expected to get operational by 2025-2026.
Mr Mittal is a regular speaker on clean energy transition at important national and international events. A leading and influential industry voice, he is a regular invitee in all the policy consultations by bodies like Niti Aayog, Ministries and Govt. departments and so on.
An alumnus of Harvard Business School, Mr Mittal is currently holding the position of Chairman of CII sub-committee on Hydrogen usage and standards, Co-chair of the CII National Council on climate change and Co-chair of the Make in India Task Force. In 2012 and 2014, Vineet was announced as the “Solar Man of the Year”. He is an active member & speaker at World Economic Forum. He is on B20’s task force for financing growth and infrastructure and Energy, Resource Efficiency & Sustainability. He is the former India Chair of the World Business Council of Sustainable Development (WBCSD)’s program on the Renewables Low Carbon Technology platform.