Indian Oil Corporation Limited, Larsen & Toubro (L&T), a construction and IT/TS services conglomerate, and ReNew Power have announced the signing of a binding term sheet for the formation of a joint venture (JV) company to develop India’s nascent green hydrogen sector.
Additionally, the three-way partnership is a synergistic partnership that brings together L&T’s strong credentials in EPC project design, execution, and delivery, IndianOil’s established expertise in petroleum refining and presence across the energy spectrum, and ReNew’s expertise in offering and developing utility-scale renewable energy solutions. The planned JVs are aimed to assist India’s transition from a grey hydrogen economy to a greener economy in which hydrogen is increasingly produced by electrolysis powered by renewable energy.
In February 2022, the central government announced the Green Hydrogen Policy, which aims to increase production of green hydrogen and green ammonia in order to help the country become a global centre for the environmentally benign form of the element.
