Page 36 - Plastics News April 2022

BUSINESS NEWS

Indian Oil, L & T And Renew To Form Jv For Brookfield To Buy Minor-

Development Of Green Hydrogen Business ity Stake In Jindal Poly

along with its presence across the energy Films Business
spectrum, and the expertise of ReNew in
offering and developing utility-scale re- anadian investment manage-
newable energy solutions. Additionally, Cment firm Brookfield Asset
IndianOil and L&T have signed a bind- Management has agreed to purchase
ing term sheet to form a JV with equity a minority stake in Indian fabric com-
participation to manufacture and sell pany Jindal
Electrolyzers used in the production of Poly Films’
Green Hydrogen. Commenting on the (JPFL) pack-
occasion, Mr. Shrikant Madhav Vaidya, aging films
n a bid to enable India’s decarboni- Chairman, IndianOil, said, “Being the business
Ization push, Indian Oil Corpora- Energy of India, we are committed to for Rs20bn
tion Ltd., (IndianOil), the country’s powering India's drive towards carbon ($263m).
top refiner and fuel retailer, Larsen & neutrality by leveraging the power of JPFL supplies
Toubro (L&T), India’s premier engi- green hydrogen.Speaking about the a full suite
neering & construction conglomerate, joint venture,Mr. SN Subrahmanyan, of products,
and ReNew Power (“ReNew”) India’s CEO & MD, L&T, said, “India plans including biaxially oriented poly-
leading renewable energy company, to rapidly march ahead in its decarboni-
announced signing of binding term zation efforts and production of Green propylene films (BOPP), biaxially-
sheet for the formation of a Joint Ven- Hydrogen is key in this endeavour. The oriented polyethylene terephthalate
ture (JV) company to develop the nas- IndianOil-L&T-ReNew JV will focus (BOPET), cast polypropylene (CPP)
cent green hydrogen sector in India. on developing Green Hydrogen pro- and other specialised films.These are
jects in a time-bound manner to supply used in packaging for food and cos-
To start with, this partnership will focus Green Hydrogen at an industrial scale metics, labels, tapes and other seg-
on green hydrogen projects at our Ma- “Both these JVs aim to enable the na- ments.In addition, the company of-
thura and Panipat refineries. The tripar- tion’s ‘Aatmanirbhar Bharat’ mission fers non-woven fabrics for various
tite venture is a synergistic alliance that to rapidly build, expand and bring in applications, including hygiene, nap-
brings together the strong credentials economies of scale to make green hydro- pies and medical products.As part
of L&T in designing, executing, and gen a cost-effective energy carrier and a of the agreement, JPFL will create
delivering EPC projects, IndianOil's es- chemical feedstock for many sectors.” a wholly owned subsidiary named
tablished expertise in petroleum refining JPFL Films from its packaging films
business. Brookfield’s Special Invest-
ments programme (BSI), together
Reliance Acquires Assets Of Lithium Werks with institutional partners, will buy
a 25% stake in JPFL Films, while
signed definitive agreements to acquire JPFL will retain the remaining shares.
substantially all of the assets of Lithium BSI managing director Dev Santani
Werks BV (“Lithium Werks”) for a total said: “We are pleased to partner with
transactionvalue of US$ 61 Million in- JPFL, India’s leading manufacturer
cluding funding for future growth. The of flexible plastic films for the pack-
assets include the entire patent portfolio aging industry, which plays an es-
of Lithium Werks, manufacturing facil- sential role in the preservation and

eliance New Energy Limited (“Re- ity in China, key business contractsand hygiene of products in different sec-
Rliance”), a wholly owned subsidiary hiring of existing employees as a going tors such as food and healthcare.
of Reliance Industries Ltd, has today concern. Founded in 2017, through ac-

36 PLASTICS NEWS April 2022