Larsen & Toubro and ReNew Power revealed a partnership agreement to tap the emerging green hydrogen business in India. Under this agreement, L&T and ReNew will jointly develop, own, execute and operate green hydrogen projects in India.

For countries like India, with its ever-increasing energy import bill, it can also provide energy security by reducing the overall dependence on fossil fuels. It is also expected to provide a green alternative for "hard-to-abate" industries, like refineries, fertilizers, steel and transport.

It is anticipated that green hydrogen demand in India for applications such as refineries, fertilizers and city gas grids will grow up to 2MMtpy by 2030 in line with the nation's green hydrogen mission. This would call for investments upward of $60 B.

"We are pleased to begin our journey with ReNew. This partnership will strategically place L&T and ReNew in a position to offer green hydrogen solutions to the industry. We are already looking at some interesting opportunities in the Indian market for green hydrogen and we intend to capitalize on them by developing end-to-end competitive solutions," said Subramanian Sarma, Whole-time Director & Sr. Executive Vice President (Energy), Larsen & Toubro. "In that effort, we are excited to secure a partnership with ReNew who brings its renewable energy development expertise to the table. Combined with our expertise in the EPC space, I am confident that this partnership will contribute to a sustainable and eco-friendly profitable growth."