For its
green hydrogen operations, L&T has a joint venture with the government-run Indian Oil Corporation and renewable energy provider ReNew.
"We will invest around Rs 500 crore in making electrolysers. Also, we have a JV with IOCL and Renew to put up green hydrogen plants. Now that JV can also put up green hydrogen plants beyond IOCL for others, said Subrahmanyan, adding that the investment would be around $4 billion.
"Between the three companies there will be sufficient cash available. L&T will fund this through internal accruals. We may need additional land around the port to transport green hydrogen and ammonia for which we are in talks with state governments," added Subrahmanyan.
L&T and the Norway-based H2Carrier signed a contract in January to develop floating green ammonia projects for large-scale industrial applications. The business and McPhy Energy, a major manufacturer of electrolysers with headquarters in France, entered into a legally binding agreement for the manufacture of electrolysers in March. As part of the agreement, McPhy will give L&T an exclusive license to manufacture electrolysers, including any future product enhancements, using its pressurized alkaline electrolyser technology.
Based on McPhy technology, L&T is establishing a gigawatt-scale electrolyser production facility in India to meet both domestic demand and the needs of other chosen areas. In order to support its promise to becoming carbon neutral by 2040, the business has also established a four-person think tank called the L&T Green Energy Council. This group will be in charge of, among other things, identifying technology trends in green energy.
In a joint venture between L&T and NPCIL, L&T Special Steels and Heavy Forgings, Subrahmanyan continued, "L&T has proposed to buy a 26% stake held by its joint venture partner Nuclear Power Corporation of India (NPCIL)."
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