Larsen & Toubro (L&T) has signed a MoU with HydrogenPro AS, a company based in Norway, for a joint venture to tap the growing green hydrogen market. Under this agreement, L&T and HydrogenPro will collaborate to establish a joint venture in India to manufacture gigawatt-scale alkaline water electrolysers based on HydrogenPro technology for the Indian market and other select regions. The planned joint venture in India aligns with L&T’s strategic objective of being present across the green energy value chain, as well as HydrogenPro’s strategy of creating a global manufacturing footprint in order to maintain cost leadership and ensure local presence.
In September 2021, L&T concluded the divestment of its 100 per cent stake in the 99 MW hydroelectric power plant at Singoli-Bhatwari in Uttarakhand. As per the terms, the company conglomerate received a consideration of Rs 10.015 billion as divestment proceeds from ReNew Power. This deal is in line with the company’s strategy to pursue the divestment path for all non-core assets in its portfolio.