Indian Oil Corp forms joint ventures for green hydrogen, electrolyzer

Indian Oil Corp, the country’s top refiner, Larsen & Toubro 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.Indian companies, including the country’s richest men Mukesh Ambani and Gautam Adani, had previously announced plans to produce green hydrogen.State-run refiner and engineering and construction firm L&T and IOC also signed a binding term sheet to form a joint venture for manufacturing electrolyzers, used…

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