Following their initial announcement on September 13, 2024, Bharat Petroleum Corporation Limited (BPCL) and Sembcorp Green Hydrogen India Private Limited—a wholly-owned subsidiary of Sembcorp Industries—have formalized a joint venture (JV) agreement to pursue renewable energy and green hydrogen initiatives across India. This strategic alliance is aimed at advancing the country’s energy transition and development objectives.
The JV will also explore opportunities in green ammonia production, bunkering solutions, reducing emissions at ports, and other emerging green fuel technologies. The collaboration will combine Sembcorp’s expertise in renewables with BPCL’s strengths in petroleum and infrastructure.
Commenting on the partnership, G. Krishnakumar, Chairman & Managing Director of BPCL, stated that the collaboration with Sembcorp represents a significant step forward in BPCL’s commitment to a sustainable future. He emphasized that BPCL aims to combine aspirations, expertise, and resources with Sembcorp to jointly develop innovative, world-class renewable energy and green hydrogen solutions aligned with India’s ambitious climate goals. He further highlighted BPCL’s commitment to achieving net-zero emissions in Scope 1 and 2 by 2040 and building a strong renewable energy portfolio with a target of 10 GW to meet future energy demands and establish itself as a Net Zero Energy Company by 2040.
Vipul Tuli, President & CEO, Renewables, West, and CEO of the Hydrogen Business at Sembcorp, stated that the collaboration with BPCL is aimed at advancing renewable energy and green hydrogen development in India. He noted that by combining Sembcorp’s expertise in renewables with BPCL’s strengths in the petroleum sector, the partnership will work to identify opportunities to decarbonize hard-to-abate sectors. Tuli reaffirmed Sembcorp’s commitment to delivering scalable, low-carbon solutions that contribute to a sustainable future.
Sembcorp is actively exploring green hydrogen and ammonia as vital routes for decarbonisation. With a 6 GW renewable energy portfolio in India, the company is well-equipped to support large-scale, cost-effective green hydrogen production.
The joint venture agreement is not anticipated to have a significant impact on Sembcorp’s earnings per share or net tangible assets per share for the financial year ending December 31, 2025.
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