Indian Oil Corporation Ltd (IndianOil), Larsen and Toubro (L and T), and ReNew Power (ReNew) announced the signing of a binding term sheet for the formation of a Joint Venture (JV) business to grow India's embryonic green hydrogen sector in a bid to support the country's decarbonisation efforts. The three-way partnership is a synergistic partnership that brings together L&T's strong credentials in EPC project design, execution, and delivery, IndianOil's established expertise in petroleum refining and presence across the energy spectrum, and ReNew's expertise in offering and developing utility-scale renewable energy solutions. IndianOil and Land T have agreed to form a joint venture with equity involvement to manufacture and market electrolysers used in the production of green hydrogen. SN Subrahmanyan, CEO and MD of Land T, informed about the joint venture, that India plans to rapidly advance in its decarbonisation efforts, and the production of Green Hydrogen is key in this endeavour. The IndianOil-Land T-ReNew JV will concentrate on establishing Green Hydrogen projects in a timely way to supply Green Hydrogen on a large scale. In February, the central government announced the Green Hydrogen Policy, which aims to increase green hydrogen and green ammonia production to help the country become a global centre for the ecologically benign version of the element. Nearly 80% of India's hydrogen is expected to be green by 2050, meaning it will be produced using renewable electricity and electrolysis. By 2030, green hydrogen may be the most cost-effective way to produce hydrogen. This might be fueled by cost reductions in major manufacturing technologies as well as clean energy technologies like solar PV and wind turbines. Image Source