State-run Indian Oil Corporation (IOCL), the EPC major Larsen & Toubro (L&T) and ReNew Power, a renewable energy firm signed binding term sheet for the formation of a Joint Venture (JV) to develop the nascent green hydrogen sector in India.
The partnership aims to enable India's decarbonization push and develop a synergistic alliance that brings together the strong credentials of L&T in designing, executing, and delivering EPC projects, IOCL's expertise in petroleum refining along with its presence across the energy spectrum, and the expertise of ReNew in offering and developing utility-scale renewable energy solutions. Additionally, IndianOil and L&T have signed a binding term sheet to form a JV with equity participation to manufacture and sell electrolyzers used in the production of green hydrogen.
Indian Oil Corporation (IOCL)'s standalone net profit jumped 19.2% to Rs 5,860.80 crore on a 57% surge in net sales to Rs 1,66,788.16 crore in Q3 December 2021 over Q3 December 2020.
IOCL is India's largest oil refining and marketing company, with a refining capacity of 80.7 MT (market share 33%), more than 32,000 retail outlets (42% market share), 3.2 MT of petrochemical production capacity and operations in the upstream and city gas distribution business.
Shares of Indian Oil Corporation (IOCL) rose 0.25% to Rs 122.35 on BSE. The Government of India held 51.50% stake in the company as on 31 December 2021.
L&T's consolidated net profit fell 16.70% to Rs 2,054.74 crore on 11.14% increase in net sales to Rs 39,562.92 crore in Q3 FY22 over Q3 FY21.
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Shares of L&T gained 1.30% to Rs 1,813.75 on BSE. L&T is an Indian multinational engaged in EPC projects, hi-tech manufacturing and services. It operates in over 50 countries worldwide.
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