Indian Oil follows billionaires Ambani, Adani in green hydrogen bet

Indian Oil Corp. Ltd., the country’s biggest oil refiner and a large user of hydrogen, will partner with top renewable energy producer ReNew Power and Larsen & Toubro Ltd. to produce green hydrogen that’s fast gaining momentum in the South Asian nation’s clean push.

The three companies have signed a binding term sheet to jointly develop green hydrogen projects, while the state-run refiner and the engineering major will form a separate partnership for making electrolyzers for green hydrogen, according to a joint statement from the three firms. The partnership will focus on green hydrogen projects at Indian Oil’s Mathura and Panipat refineries in northern India.