Ambani, Adani Among Bidders For India Electrolyzer Incentives
Reliance Industries Ltd. and Adani Enterprises Ltd. were among the 21 bidders for the Indian government’s grants to domestically manufacture electrolyzers, part of Prime Minister Narendra Modi’s efforts to spur the energy transition.
(Bloomberg) -- Reliance Industries Ltd. and Adani Enterprises Ltd. were among the 21 bidders for the Indian government’s grants to domestically manufacture electrolyzers, part of Prime Minister Narendra Modi’s efforts to spur the energy transition.
The two companies, run by billionaires Mukesh Ambani and Gautam Adani, were among firms bidding for the production-linked grants, according to a list published by Solar Energy Corp. of India, or Seci, which conducted the process. Adani bid for a maximum 600 megawatts of electrolyzer capacity, half which is to be built with local technology, the list shows.
Other bidders included Ohmium Operations Pvt., the John Cockerill-Greenko joint venture, Waaree Energies Ltd. and state-run Bharat Heavy Electricals Ltd.
Green hydrogen, produced by splitting water molecules with the help of electrolyzers using renewable power sources, is seen as key to decarbonizing heavy industries such as oil refineries, fertilizer plants, steel mills and shipping. By the end of the decade, India aims to have 5 million tons of annual output of green hydrogen.
In a separate bid for incentives for domestic production of green hydrogen, companies including Reliance, Avaada Group, Torrent Power Ltd. and Sembcorp Industries Ltd. were among 14 bidders, Seci said Friday. Adani, which has made some of the biggest investment commitments for green hydrogen production in the country, stayed away from that bid.
The government has approved a $2.4 billion plan for local production of green hydrogen and manufacturing of electrolyzers, the key hardware needed for its production. Bids for the first tranche of aid for both closed Thursday.
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