Larsen & Toubro Ltd.

In a bid to enable India’s decarbonization push, Larsen & Toubro (L&T), Indian Oil Corporation (IOC) and ReNew Power have signed binding term sheet for the formation of a Joint Venture (JV) company to develop the nascent green hydrogen sector in India.

The tripartite venture is a synergistic alliance that brings together the strong credentials of L&T in designing, executing, and delivering EPC projects, IOC's established expertise in petroleum refining along with its presence across the energy spectrum, and the expertise of ReNew in offering and developing utility-scale renewable energy solutions. Additionally, IOC and L&T have signed a binding term sheet to form a JV with equity participation to manufacture and sell Electrolyzers used in the production of Green Hydrogen.

L&T is an Indian multinational engaged in technology, engineering, construction, manufacturing and financial services.