Indian Oil Corporation Limited (IOCL), Larsen & Toubro (L&T) and ReNew Power have announced signing of binding term sheet for the formation of a joint venture (JV) company to develop the nascent green hydrogen sector in India.
The tripartite venture is a synergistic alliance that brings together the strong credentials of L&T in designing, executing, and delivering engineering, procurement, and construction projects, IOCL’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. Additionally, IOCL and L&T have signed a binding term sheet to form a JV with equity participation to manufacture and sell electrolysers used in the production of green hydrogen.