Business
Indian Oil, L&T & ReNew Power Form JV For Development Of Green Hydrogen Projects
An Indian Oil petrol pump. (pic via Twitter)
Indian Oil Corporation (IOC), Larsen & Toubro (L&T) and ReNew Power have come together to form a joint venture for the development of the green hydrogen sector in the country, Reuters reports.
IOC and L&T have also signed a binding term-sheet to partner for the manufacturing of electrolysers, which is essential for the production of green hydrogen.
For starters, the collaboration would focus on projects at IOC’s refineries in Panipat and Mathura.
Simultaneously, they will be working towards building green hydrogen initiatives in other parts of the country.
Eyeing to become an export hub for green hydrogen, the central government has set a target to produce five million tonnes of the fuel annually by 2030.
“India plans to rapidly march ahead in its decarbonization efforts and production of Green Hydrogen is key in this endeavour. 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,” L&T CEO & MD SN Subrahmanyan was quoted in a report by Mint.
The Green Hydrogen policy was notified by the central government back in February 2022.
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