Indian Oil- L&T-ReNew Partnership for Green Hydrogen
A joint venture company to develop green hydrogen projects across India has been agreed to be formed by Larsen and Toubro, Indian Oil Corp. Ltd, and ReNew Power.
- A binding term sheet has been signed by the three companies recently.
- Under this agreement L&T’s stronghold in executing, designing, and delivering procurement, engineering, and construction projects, ReNew expertise in developing renewable energy solutions, and Indian Oil’s expertise in petroleum refining will be clubbed together to form the joint venture company.
- In the joint venture company, the stakes will be divided equally among the three partners.
The focus of the company
This company will be focusing on developing green hydrogen projects with the aim of supplying Green Hydrogen at an industrial scale across the country. This new company in the next 12 to 18 months will be coming up with a couple of projects and in 18 to 24 months will be looking to produce green hydrogen.
Another Joint Venture between Indian Oil and L&T
Another joint venture has also been signed by L&T and Indian Oil to sell and manufacture electrolyzers that are used in producing green hydrogen.
Aim of the joint ventures
Both of these joint ventures have the aim of rapidly expanding, building, and bringing in large-scale economic changes so that green hydrogen can be made into a cost-effective energy carrier as well as a chemical feedstock in multiple sectors in the nation.
The initial focus of the joint venture
This joint venture will be initially focusing on the green hydrogen projects at IOC’s Panipat and Mathura refineries. Also, other projects for the production of green hydrogen will also be looked into.
Category: India Nation & States Current Affairs