L&T will be working with IndianOil (IOC) and Renew in the joint venture, which aims to enable India's transition from a ‘grey’ hydrogen economy to a greener economy that increasingly manufactures hydrogen via electrolysis powered by renewable energy.
“India plans to rapidly march ahead in its decarbonization efforts and production of Green Hydrogen is key in this endeavour,” said L&T SN Subrahmanyan, CEO & MD, L&T, said,. 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 L&T will bring its strong EPC [engineering, procurement and construction] 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.
To start with, this partnership will focus on green hydrogen projects at IndianOil’s Mathura and Panipat refineries. Alongside, other green hydrogen projects in India will also be evaluated. “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,” said IndianOil chairman Shrikant Madhav Vaidya. “The partnership forged today will thus catalyse the greening of India's energy basket.”
Renew Power chairman and CEO Sumant Sinha said: “The timing for these proposed JVs is excellent as they will help support Government of India's recently announced green hydrogen policy to boost India Inc's decarbonisation journey.”
Today, hydrogen is mainly used in the refining, steel and fertiliser sectors, which will be the focus of the JV’s initial efforts.
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