Indian Oil Corp forms joint ventures for green hydrogen, electrolyser

NEW DELHI: Indian Oil Corp, the country’s top refiner, Larsen & Toubro and Goldman Sachs-backed renewable energy producer ReNew Power will form a joint venture to develop the green hydrogen sector, helping India cut its carbon emissions.
The three companies have signed a binding term sheet to jointly develop green hydrogen projects, said a joint statement issued on Monday.
India, the world’s third biggest emitter of carbon dioxide, plans to annually produce 5 million tonnes of green hydrogen by 2030 as it seeks to meet its climate targets and become a production and export hub for the fuel.
Indian companies, including the country’s richest men Mukesh Ambani and Gautam Adani, had previously announced plans to produce green hydrogen.