Renew, L&T and Indian Oil to Form Partnership for Development of Green Hydrogen Business

To enable India’s decarbonization push, Indian Oil, Larsen & Toubro and ReNew Power have signed a binding term sheet for the formation of a Joint Venture (JV) company to develop the green hydrogen sector in India. Additionally, Indian Oil 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.

EPC credentials to the table, IOC being India’s premier oil refiner with extensive capabilities in chemical processes and refining has established deep R&D capabilities in many aspects of green hydrogen value chain, and ReNew Power has in a short time established itself as a leading renewable energy supplier and has built itself a very strong reputation. We consider this partnership as a significant step in India’s quest for alternative energy. Addressing another gap in the Green Hydrogen manufacturing chain, IndianOil-L&T JV will focus on production and sale of Electrolyzer.”