Indian Oil & L&T to also form JV to manufacture Electrolyzer
Team News Riveting
Mumbai, New Delhi, April 4
In a bid to enable India’s decarbonization push, Indian Oil Corporation Ltd., the country’s top refiner and fuel retailer, Larsen & Toubro (L&T), India’s premier engineering & construction conglomerate, and ReNew Power (ReNew) India’s leading renewable energy company, announced signing of binding term sheet for the formation of a Joint Venture (JV) company to develop the nascent green hydrogen sector in India.
The tripartite venture is a synergistic alliance that brings together the strong credentials of L&T in designing, executing, and delivering EPC projects, Indian Oil’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, Indian Oil 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.
