The Indian Oil Corporation, Larsen & Toubro, and ReNew Power have signed a binding term sheet to create a Joint Venture (JV) to grow India’s embryonic green hydrogen industry.
The three-way partnership is a synergistic partnership that brings together L&T’s strong credentials in EPC project design, execution, and delivery, IndianOil’s established expertise in petroleum refining and presence across the energy spectrum, and ReNew’s expertise in offering and developing utility-scale renewable energy solutions.
In addition, IndianOil and L&T have agreed to create a joint venture with equity involvement to manufacture and market electrolyzers used in the generation of green hydrogen.
