IOC, L&T, ReNew announce joint venture for India green hydrogen business

IndianOil and L&T to form separate JV to manufacture and sell electrolysers.

State-run Indian Oil Corporation (IOC), engineering and construction major Larsen & Toubro (L&T), and renewable energy player ReNew Power have announced a joint venture (JV) company to develop the nascent green hydrogen sector in India.

India plans to produce 5 million tonnes of green hydrogen by 2030. In February, the government launched the country’s first green hydrogen policy as part of its energy transition plan.

Mukesh Ambani’s Reliance Industries recently announced setting up a facility to produce green hydrogen. Adani Enterprises also announced a new company — Adani Petrochemicals — to venture into green fuels.

SN Subrahmanyan, chief executive officer