4 Apr 2022 , 10:36 AM
The tripartite venture is a synergistic alliance that brings together the strong credentials of L&T in designing, executing, and delivering EPC projects, IndianOil'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, IndianOil and L&T have signed a binding term sheet to form a JV with equity participation to manufacture and sell Electrolyzers used in the production of Green Hydrogen.
Speaking about the joint venture, SN Subrahmanyan, CEO & MD, 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 L&T will bring its strong EPC 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. Addressing another gap in the Green Hydrogen manufacturing chain, IndianOil-L&T JV will focus on production and sale of Electrolyzer.
At around 10:29 AM, L&T was trading at Rs1,807.55 apiece up by 0.96% while IOC was trading at Rs122.25 apiece up by 0.16% on the BSE.
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