Indian Oil Corp forms joint ventures for green hydrogen, electrolyser

Indian Oil Corp (IOC.NS), the country’s top refiner, Larsen & Toubro (LART.NS) 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.