New Delhi: Oil India Limited (OIL), India's second-largest national exploration and production company, has signed a memorandum of understanding (MoU) with homiHydrogen Private Limited on Thursday in order to boost India's efforts towards energy transition for achieving net zero by 2070 and support development of indigenous technology and manufacturing under Atmanirbhar Bharat in the field of hydrogen and green energy technology.
homiHydrogen is a joint venture company established by Electrolyser experts from Germany, Switzerland, Italy and Norway to manufacture all the four types of electrolysers under one roof. It is promoted by well-established companies like h2e Power Systems Private Limited, Bluebasic Ama Engineering Private Limited and Greenstat Hydrogen India Private Limited.
OIL and homiHydrogen plan to work together to establish a framework that can enable the parties to study, structure and agree on a possible long-term partnership, which could include manufacturing and packaging of electrolysers in India and become an integral part of the Green Hydrogen value chain.
The collaboration will foster Atmanirbhar Bharat initiatives of Government and provide impetus towards hydrogen economy in the country.
(PSU Watch– India's Business News centre that places the spotlight on PSUs, Bureaucracy, Defence and Public Policy is now on Google News. Click here to follow. Also, join PSU Watch Channel in your Telegram. You may also follow us on Twitter here and stay updated.)