IOC, L&T, ReNew to form JV to develop green hydrogenIOC - 117 Change: -0.30 (-0.26 %)
News: The three companies hold equal stake in the proposed green hydrogen JV. The green hydrogen JV aims to develop, execute and own green hydrogen assets in India. Under Aatmanirbhar mission, both JVs would enable India’s transition from a grey hydrogen economy to a greener one. The tripartite venture is a synergistic alliance that brings together the strong credentials of L&T in designing, executing and delivering EPC projects, IOC'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.
View: India plans to rapidly march ahead in its decarbonisation efforts and production of green hydrogen is key in this endeavour. L&T has entered into 2-3 JVs already for green hydrogen. It has become a one stop shop for green hydrogen.