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L&T Wins IOCL’s Green Hydrogen Tender at Competitive Rs397/kg Price Point

India’s green hydrogen sector marked a major milestone with the successful closure of Indian Oil Corporation Limited’s (IOCL) reverse auction for its Panipat refinery project. The tender, aimed at setting up a 10,000 tons-per-annum (TPA) green hydrogen facility, concluded with a discovered price of Rs397/kg (inclusive of GST), approximately USD 4.60/kg. Larsen & Toubro (L&T) emerged as the winner, with NTPC Renewable Energy Limited and ReNew closely trailing.

This outcome is seen as a significant signal of market readiness and developer capability in India’s clean energy transition. The highly competitive bid reflects the growing maturity of the hydrogen ecosystem, showcasing the confidence of major players to tackle emerging and complex green energy projects. Stakeholders hope for smooth contractual finalization and timely commissioning of the project.

The development highlights the collaborative efforts of key government bodies including the Ministry of New and Renewable Energy (MNRE), the Ministry of Petroleum and Natural Gas, and the Centre for High Technology. Their role in facilitating this breakthrough through policy support and consensus-building is widely acknowledged.

This tender is expected to act as a price benchmark and boost momentum in India's National Green Hydrogen Mission, encouraging further private participation and investment in green hydrogen infrastructure.