Indian Oil, L&T and Renew to form JV to develop green hydrogen business

The three companies Indian Oil, L&T and Renew will hold equal stakes in the proposed JV which will develop green hydrogen assets in India.

Indian Oil, L&T and ReNew Power will form a joint venture (JV) to develop green hydrogen business in the country, said a press statement by the companies on Monday.

The three companies will hold equal stakes in the proposed JV which will develop green hydrogen assets in the country. Indian Oil and L&T will also form a JV to manufacture electrolysers, said the statement.

The companies are "coming together" after the central government’s announcement of a green hydrogen policy. “To start with, this partnership will focus on green hydrogen projects at Indian Oil’s Mathura and Panipat refineries. Alongside, other green hydrogen projects in India will also be evaluated,” said the statement.

"By 2050, nearly 80 per cent of India’s hydrogen is projected to be ‘green’--produced by renewable electricity and electrolysis, showing the massive opportunity for this JV and for the green hydrogen sector overall,” it said.