Indian Oil, L&T and ReNew Power are planning to create a joint venture (JV) to develop a green hydrogen business in the country, a joint statement by the companies said. The three firms will hold equal stakes in the JV. Indian Oil and L&T will also form a JV to manufacture electrolysers, the statement added.

The companies are coming together after the central government announced a green hydrogen policy. “To start with, this partnership will concentrate on green hydrogen projects at Indian Oil’s Mathura and Panipat refineries. Other green hydrogen projects in India will also be assessed,” the statement said.

“By the year 2050, nearly 80 per cent of India’s hydrogen is projected to be ‘green’ and produced by renewable electricity and electrolysis, indicating the massive opportunity for this JV and the green hydrogen sector overall,” it added.