State-owned refiner IOC, engineering and construction giant Larsen & Toubro and renewable energy company ReNew Power on Monday came together to form a joint venture to develop a green hydrogen business.

IOC and L&T have additionally signed a pact to form a joint venture with equity participation to manufacture and sell electrolysers used in the production of green hydrogen.

“The tripartite venture is a synergistic alliance that brings together the strong credentials of L&T in designing, executing, and delivering EPC projects, IOC’s established 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,” the firms said in a statement.

The partnership will focus on green hydrogen projects at Indian Oil’s Mathura and Panipat refineries in northern India. Green hydrogen, produced from water and green electricity and considered the cleanest form of fuel, is a potential path to decarbonise heavy industries.