RIYADH: Indian Oil Corp. has joined hands with Larsen and Toubro and ReNew Power to form a joint venture company to develop green hydrogen projects in India.
According to reports, the companies signed an agreement on Monday to set up the alliance.
A statement issued by Indian Oil revealed that the three companies will hold an equal stake in this proposed joint venture, aimed at supporting India’s decarbonization efforts.
Shrikant Madhav Vaidya, chairman of Indian Oil said the new joint venture will initially focus on green hydrogen projects at Indian Oil’s Mathura and Panipat refineries.
He added: “While the usage of hydrogen in the mobility sector will take its due time, the refineries will be the pivot around which India’s green hydrogen revolution will materialize substantially.”
The joint venture “will focus on developing green hydrogen projects to supply green hydrogen at an industrial scale,” said S. N. Subrahmanyan, CEO and managing director of L&T.
