NEW DELHI: To enable decarbonization push, Indian Oil Corporation Ltd, Larsen & Toubro (L&T), ReNew Power announced signing of a binding term sheet for the formation of a Joint Venture (JV) company to develop the nascent green hydrogen sector in India. Additionally, IndianOil and L&T have signed a binding term sheet to form a JV with equity participation to manufacture and sell Electrolyzers used in the production of Green Hydrogen.
“The IndianOil-L&T-ReNew JV will focus on developing Green Hydrogen projects in a time-bound manner to supply Green Hydrogen at an industrial scale,” said S N Subrahmanyan, CEO & MD of L&T.
The JV will help to bring together the strong credentials of L&T in designing, executing, and delivering EPC projects, IndianOil’s established expertise in petroleum refining along with its presence across the energy spectrum, and the expertise of ReNew in offering and developing utility-scale renewable energy solutions.
“Being the Energy of India, we are committed to powering India’s drive towards carbon neutrality by leveraging the power of green hydrogen. Indian Oil is forging this alliance to realise India’s green hydrogen aspirations, which is in sync with the Honble Prime Minister’s vision of making India a Green Hydrogen generation and export hub,” said Shrikant Madhav Vaidya, Chairman of IndianOil.
The partnership will focus on green hydrogen projects at Mathura and Panipat refineries. While the usage of hydrogen in the mobility sector will take its due time, however the refineries will be the pivot around which India’s green hydrogen revolution will materialise in a substantial way.