L&T and its green hydrogen joint venture (JV) partners, Indian Oil Corporation (IOCL) and ReNew, will invest over USD four billion (Rs 32,000 crore) in their green hydrogen businesses in the next three to five years. In addition, the company will invest approx. Rs 500 crore to manufacture electrolysers.
The engineering major has formed a JV with these two companies to set up green hydrogen plants. It will fund this through internal accruals and would need additional land around the port to transport green hydrogen and ammonia, for which the company is in talks with the state governments.
In January this year, L&T signed an agreement with Norway-based H2Carrier to develop floating green ammonia projects for industrial-scale applications. Likewise, the company entered into an electrolyser manufacturing binding agreement with McPhy Energy, a France-based electrolyser technology and manufacturing company, in March, 2023.
Currently, L&T is setting up a gigawatt-scale manufacturing facilty for electrolysers based on McPhy technology in India to serve domestic requirements and cater to the other selected geographies.
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