Joint Venture Company Established for Green Hydrogen

BANKING AND ECONOMY

  • A joint venture company was established by Indian Oil Corp. Ltd, Larsen and Toubro, and ReNew Power to achieve the country’s ‘Aatmanirbhar Bharat’ in the production of pollution-free fuel.
  • The company was established to develop green hydrogen projects and to invest in the Government’s related projects across the country.
  • The Union government planned to produce 5 million tonnes of green hydrogen by 2030.
  • The company is planning for a couple of projects to be introduced in the next 12-18 months and to produce green hydrogen within 18-24 months.
  • Additionally, Indian Oil and L&T joined to form a joint venture to manufacture and sell ‘electrolyzers’ used to produce green hydrogen.

 

Facts to know:

 

  • Indian Oil Corporation was established in 1959.
  • Green hydrogen is produced through the process of ‘Electrolysis’.
  • Green Hydrogen is used to manufacture ammonia, fertilizers, and petroleum products.
Aatmanirbhar Bharat
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