Indian renewables company ReNew Power, oil refiner IndianOil and engineering company Larsen & Toubro (L&T) have formed a joint venture (JV) to develop green hydrogen projects in India, with the latter two forming a separate JV dedicated to manufacturing electrolysers in India.
The partnership will first focus on IndianOil’s refineries in Mathura and Panipat, said Shrikant Madhav Vaidya, chairman of IndianOil, before exploring other venues in India to build green hydrogen projects.
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Refining, steel and fertiliser sectors will be the main targets of the JV between the three companies.
Each company would leverage its own business experience and knowledge base; L&T providing expertise in engineering, procurement and construction, IndianOil its R&D capacities in refining, while ReNew its capacity to develop utility-scale renewable projects.
SN Subrahmanyan, CEO and managing director at L&T, said: “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.”
“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 materialize in a substantial way,” added Madhav Vaidya.
IndianOil and L&T’s JV has been signed to address a gap in the green hydrogen manufacturing chain in India by producing electrolysers necessary to produce green hydrogen, the companies said.
To help India’s nascent green hydrogen industry and reduce its production cost, and with the goal to produce five million tons of green hydrogen by 2030, the ministry of power released a policy in February were it approved a waiver of inter-state transmission charges for the next 25 years on projects commissioned before 30 June 2025.
This is not the first time Renew and L&T partnered to develop green hydrogen projects, as they signed an agreement last December to invest in the green energy.