For the third consecutive time, the state-run Indian Oil Corporation Ltd (IOCL) has cancelled the tender to build the country's first green hydrogen plant at its refinery in Panipat, Haryana. The tender was significant as it marked the first attempt by an Indian company to establish the price of green hydrogen through a bidding or market-driven process.

On Monday, IOCL updated the tender status on its website to "cancelled." Industry sources indicated that the fuel retailer took this step after receiving only two bids. It had been reported on 16 July by ET that the two companies submitting bids were GH4India and Noida-based Neometrix Engineering. GH4India is an equal joint venture between IOC, ReNew, and L&T.

An industry source familiar with the matter described the cancellation as unfortunate, attributing it to accusations of preferential treatment towards GH4India. The source noted that IOCL had addressed the industry's concerns this time, yet many companies that had participated in the pre-bid meeting chose not to submit bids.