IOCL, L&T and ReNew form JV

The Indian Oil Corporation Ltd., Larsen & Toubro (L&T), and ReNew Power (ReNew) have signed a binding term sheet to form a Joint Venture (JV). The JV company will focus on developing green hydrogen projects in India in a time-bound manner to supply Green Hydrogen at an industrial scale, stated SN Subrahmanyan, Chief Executive Officer(CEO) and Managing Director, L&T. These projects will be carried out at the IOCL’s Mathura and Panipat refineries in the initial phase. The three-way partnership will leverage L&T’s strong credentials in designing, executing, and delivering EPC projects, IndianOil’s established expertise in petroleum refining and its presence across the energy spectrum, and ReNew’s expertise in offering and developing utility-scale renewable energy solutions. On the other hand, IndianOil and L&T have also signed a binding term sheet to form a joint venture (JV) with equity participation to manufacture and sell electrolyzers used in the production of green hydrogen.