L&T and its green hydrogen joint venture partners, Indian Oil Corporation and ReNew, will invest up to $4 billion (32,000 crore) in their green hydrogen businesses over the next three to five years, according to S N Subrahmanyan, CEO and Managing Director.

For its green hydrogen ventures, L&T has a joint venture with the state-run Indian Oil Corporation and the renewable energy company ReNew.

"We plan to invest around 500 crore in the production of electrolysers." In addition, we have a joint venture with IOCL and Renew to build green hydrogen plants. Beyond IOCL, the JV can now build green hydrogen plants for others, according to Subrahmanyan, who estimates a $4 billion investment.

"There will be enough cash available between the three companies." This will be paid for through internal accruals at L&T. We may require additional land near the port to transport green hydrogen and ammonia, for which we are discussing with state governments," Subrahmanyan added.

L&T signed a contract with Norway-based H2Carrier in January to develop floating green ammonia projects for industrial-scale applications. In March, the company signed an electrolyzer manufacturing binding agreement with McPhy Energy, a leading electrolyzer technology and manufacturing company based in France.