Indian Oil Corporation (IndianOil), Larsen & Toubro (L&T), and ReNew Power (ReNew) have signed a binding term sheet for the formation of a Joint Venture (JV) business to develop India’s green hydrogen sector in order to support the country’s decarbonization efforts.

In addition, IndianOil and L&T have agreed to form a joint venture with equity involvement to manufacture and market electrolyzers used in the production of Green Hydrogen.