IndianOil, L&T And ReNew Power To Form JV For Development Of Green Hydrogen Business

(RTTNews) - Indian Oil Corporation Ltd., the country's top refiner and fuel retailer, Larsen & Toubro or L&T, India's premier engineering & construction conglomerate, and ReNew Power (RNW) have signed binding term sheet for the formation of a Joint Venture company to develop the nascent green hydrogen sector in India, the renewable energy company said in a statement.

According to ReNew, the tripartite venture is a synergistic alliance that brings together the strong credentials of L&T in designing, executing, and delivering EPC projects, IndianOil'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.

In addition, IndianOil 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.