Engineering major L&T and its renewable energy joint venture partners-Indian Oil Corporation and ReNew-will spend up to $4 billion (Rs 32,000 crores) in their green hydrogen businesses over three-five years, CEO & Managing Director S N Subrahmanyan said. L&T has partnered with state-run Indian Oil Corporation and clean energy company ReNew for its green hydrogen ventures. "We will invest around Rs 500 crore in making electrolyzers. 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. This January, L&T signed an agreement with the Norway-based H2Carrier to develop floating green ammonia projects for industrial-scale applications. In March, the company entered into an electrolyzer manufacturing binding agreement with McPhy Energy, a France-based leading electrolyzer technology and manufacturing company.

Under this partnership, McPhy will grant an exclusive license of its pressurized alkaline electrolyzer technology to L&T for the manufacturing of electrolyzers, including future product upgrades. L&T is setting up one Gigawatt-scale manufacturing facility for electrolyzers based on McPhy technology in India to serve the domestic requirements as well as cater to the other selected geographies. The company has also set up a four-member think-tank L&T Green Energy Council-- comprising global leaders to bolster its commitment to carbon neutrality by 2040 and will be responsible for identifying technology trends in green energy, among others.