A joint venture of Indian Oil Corporation, L&T and ReNew to focus on green hydrogen projects has been incorporated with the three partners investing ₹1 crore each in its authorised capital.
The JV company GH4India Private Ltd., incorporated on August 25, has been formed for the purpose of development of green hydrogen and its derivatives, including green ammonia and methanol, besides production assets and associated renewable assets through any model of ownership and operatorship, IOC and L&T said in separate filings on Saturday.
In April 2022, the three companies had signed a binding term sheet for formation of the JV company to develop the nascent green hydrogen sector in the country by tapping into the expertise of L&T in designing, executing and delivering EPC projects, that of Indian Oil in petroleum refining and ReNew’s expertise in offering and developing utility-scale renewable energy solutions.
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