L&T, ReNew and IOCL to invest funds for green hydrogen projects

Larsen & Toubro Limited (L&T) in collaboration with ReNew and Indian Oil Corporation Limited (IOCL) announced toinvest Rs 320 billion for the green hydrogen projects. According to the notification, the main focus is on electrolysers, green hydrogen plants, and floating green ammonia projects. The company will pay for this through internal accruals. It also plans to invest around Rs 5 billion for manufacturing electrolysers. The company is in discussions with the state governments for more land to be built near the port in order to transport green hydrogen and ammonia.

In May 2023, L&T announced the formation of L&T Green Energy Council, a think-tank comprising of eminent thought leaders, in a significant step towards building a global green energy business.

In April 2022, L&T signed an agreement with the Indian Institute of Technology Bombay to collaborate on green hydrogen value chain research and development to contribute to the development of India’s green hydrogen industry and to the development of next-generation technology.