IndianOil, L&T and ReNew to form JV for green hydrogen businessThe Indian Oil Corporation (IndianOil), Larsen & Toubro (L&T) and ReNew Power (ReNew) have inked a binding term sheet for the formation of a joint venture (JV) company to develop the nascent green hydrogen sector in India.

Additionally, IndianOil and L&T have entered a binding term sheet to form a JV with equity participation to manufacture and sell Electrolyzers used in the production of green hydrogen.

The IndianOil-L&T-ReNew JV will focus on developing green hydrogen projects in a time-bound manner to supply at an industrial scale.

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