State-backed oil manufacturing company (OMC) Indian Oil Corporation (IOC), engineering and construction conglomerate L&T and renewable energy company ReNew have announced the signing of a term sheet to form a joint venture company to develop green hydrogen business in India.
The objective of this joint venture between IOC, L&T and ReNew is to enable India’s transition from a grey hydrogen economy to a greener economy that increasingly manufactures hydrogen via electrolysis powered by renewable energy.
This JV is “a synergic alliance that brings 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,” as per the official release.
The release further noted that IOC and L&T have also signed a binding term sheet to form a JV with equity participation to manufacture electrolysers in the production of green hydrogen.
“IndianOil is forging this alliance to realise India’s green hydrogen aspirations, which is in sync with the Honorable Prime Minister’s vision of making India a green hydrogen generation and export hub. To start with, this partnership will focus on green hydrogen projects at our Mathura and Panipat refineries. Alongside, other green hydrogen projects in India will also be evaluated,” IndianOil Chairman Shrikant Madhav Vaidya noted.
He added, “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. The partnership forged today will thus catalyse the greening of India’s green energy basket.”
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