ReNew (NASDAQ: RNW), India’s leading renewable energy company, along with IOCL and L&T have announced signing of binding term sheet for the formation of a Joint Venture (JV) company to develop the nascent green hydrogen sector in India. The planned JVs aim to enable India’s transition from a grey hydrogen economy to a greener economy that increasingly manufactures hydrogen via electrolysis powered by renewable energy. Continue to browse this section to learn more about this news.
Green Hydrogen | Joint Venture – ReNew, IOCL and L&T
“In alignment with the government’s broader strategic climate goals for 2030 and 2070 set by honourable Prime Minister Narendra Modi, ReNew looks forward to working with L&T and IndianOil to build the green hydrogen business in India. ReNew, as a leader in intelligent energy solutions and with advanced capability across renewable energy technologies, is well poised to complement the capabilities of our partners.
The timing for these proposed JVs is excellent as they will help support Government of India’s recently announced green hydrogen policy to boost India Inc.’s decarbonization journey.”
Mr. Sumant Sinha, Chairman and CEO of ReNew
MEDIA COVERAGE
IndianOil, L&T and ReNew to form JV for development of Green Hydrogen Business | ReNew
Date: 3rd April, 2022; Source: ReNew Press Release
Indian Oil, L&T, Re New join hands for green hydrogen
Date: 05th April, 2022; Source: Mint Page 3
IOC L&T, ReNew Join Hands for Green Hydrogen Business
Date: 05th April, 2022; Source: The Economic Times, Page 1
Indian Oil, L&T and ReNew sign agreement
Date: 05th April, 2022; Source: Business Standard, Page 2
Indian Oil to form JV with L&T, ReNew to produce green hydrogen, electrolyzer
Date: 05th April, 2022; Source: Millennium Post, Page 9
IOC, L&T, ReNew power form JV to develop green hydrogen sector
Date: 05th April, 2022; Source: The New Indian Express, Page 10
Date: 05th April, 2022; Source: The Indian Express, Page 15