Top Green Hydrogen Shares in India 2024: Leading Companies to Watch

Market Overview

The Indian government has recently announced an ambitious plan to auction an additional 200,000 tonnes of green hydrogen-based ammonia for the fertilizer sector. This decision follows higher-than-expected demand, highlighting the growing interest in green hydrogen. The original tender planned to purchase 539,000 tonnes annually, divided across eleven projects nationwide. This initiative is part of India’s broader strategy to embrace renewable energy and sustainable practices. Here, we explore the top green hydrogen companies in India poised to lead this transformation.

1 Reliance Industries

Reliance Industries is making significant strides in the green hydrogen sector, with plans to invest ₹750 billion over three years to establish its clean energy business. Additionally, the company aims to spend ₹5 trillion over the next 10-15 years to set up a 100 GW renewable energy power plant and a green hydrogen ecosystem. This investment will place Reliance at the forefront of India’s green hydrogen revolution.

2 Adani Green Energy

Adani Green Energy is another major player in the renewable energy space. The company is involved in the development, construction, ownership, and operation of solar and wind power projects. Currently, Adani Green Energy is working on a 30 GW renewable energy plant in Khavda, Gujarat, which will become the world’s largest power plant. The project includes a hybrid renewable energy cluster that generates solar energy during the day and wind energy in the evening. The company plans to invest ₹1.5 trillion by 2030, aiming to significantly reduce CO2 emissions.

3 Adani Total Gas

Adani Total Gas, a joint venture between Adani Group and Total Energies, is focusing on green hydrogen blending projects. The company launched a pilot project in Ahmedabad to blend green hydrogen with natural gas, aiming to gradually increase the hydrogen percentage to 8% or more. This project is a critical first step toward expanding the supply of hydrogen-blended fuel to larger areas, with Adani Total Gas maintaining a leadership position in this niche.

4 L&T

L&T, a multinational conglomerate, has entered the green hydrogen market by commissioning its first hydrogen electrolyser at its Hazira plant in Gujarat. L&T Electrolysers, a newly established entity, focuses on manufacturing pressurised alkaline electrolysers. The company is also involved in setting up the world’s largest green hydrogen plant with NEOM Green in Saudi Arabia. L&T plans to invest heavily in green hydrogen projects globally, aiming to strengthen its presence in the sustainable energy sector.

5 Adani Enterprises

Adani Enterprises, through its subsidiary Adani New Industries, has invested US$2.5 billion in developing a backward integrated value chain for green hydrogen. The company is on track to implement the first phase of its project with an annual capacity of 1 million tons by FY27, with plans to increase this to 3 million tons over the next decade. The green hydrogen plant, located in Mundra, Gujarat, will include a fully integrated value chain across solar, wind, electrolysers, and associated equipment.

6 NTPC

NTPC is committed to renewable energy and decarbonising the energy sector. The company announced plans to build India’s largest green hydrogen project in Andhra Pradesh, aiming for a capacity of 1,200 tonnes per day. NTPC is also developing green hydrogen and its derivatives in Maharashtra, targeting 150,000 tonnes per year by 2030. With an extensive project pipeline, NTPC is set to become a significant player in the green hydrogen market.

7 Indian Oil Corporation (IOC)

IOC is transitioning towards green hydrogen, with plans to set up units at all its refineries as part of a ₹2.4 trillion green transition plan. The company aims to increase the share of green hydrogen in its portfolio to 50% in the next 5-10 years. IOC recently relaunched a tender for its maiden green hydrogen plant in Panipat, aiming to establish itself as a leader in the green hydrogen space.

8 Oil and Natural Gas Corporation (ONGC)

ONGC is India’s largest crude oil and natural gas producer, now setting its sights on green hydrogen. The company plans to build two green ammonia plants with a capacity of 1 MTPA each, contributing to India’s green hydrogen targets. ONGC is also developing a 1.3 GW electrolyser facility in collaboration with Greenko. The company aims to spend ₹850 billion to develop two million tonnes of green ammonia annual production capacity by 2035.

9 GAIL

GAIL has commissioned India’s first green hydrogen plant in Madhya Pradesh, producing around 4.3 tonnes of green hydrogen daily. The company plans to blend hydrogen with natural gas, aiming to escalate blending ratios after necessary approvals. GAIL is investing ₹260 billion in its renewable portfolio by 2030, targeting 50,000 tonnes of hydrogen production annually.

10 Adani Power

Adani Power is using green ammonia alongside conventional fuel coal at its Mundra plant in Gujarat. The company has partnered with IHI and Kowa-Japan for this pilot project, aiming to expand it to other units. This initiative is part of Adani Power’s broader strategy to decarbonise and transition towards sustainable energy sources.

11 Bharat Petroleum Corporation (BPCL)

BPCL is strategically approaching the green hydrogen landscape, with plans to establish an integrated green hydrogen plant and fuelling station at Kochi Airport. The pilot project, scheduled for completion in 2025, aims to power vehicles within the airport using green hydrogen. BPCL is leveraging BARC’s alkaline electrolyser technology to reduce costs and gain experience in managing hydrogen for the automobile sector.

12 Oil India

Oil India, a major exploration and production company, commissioned its first green hydrogen plant in Assam in 2022. The company plans to invest ₹250 billion in renewable energy to achieve net zero emissions by 2040. Oil India’s green hydrogen plant produces hydrogen from solar-generated electricity, showcasing the company’s commitment to sustainable energy practices.

In Conclusion, India’s green hydrogen sector is poised for significant growth, driven by substantial investments and ambitious projects from leading companies. These companies are not only contributing to the country’s renewable energy goals but also positioning themselves as global leaders in the green hydrogen revolution. As the market evolves, these companies are expected to play a crucial role in shaping a sustainable energy future for India.