According to sources familiar with the matter as reported by The Economic Times, Indian Oil Corp (IOC) has received only two bids for its initiative to establish India’s first green hydrogen plant at the Panipat refinery in Haryana. This follows the second attempt at tendering for the project, after the first round was canceled due to allegations of favoritism.
The bidders include GH4India, a joint venture equally owned by IOC, ReNew, and Larsen & Toubro, formed in FY23 to develop green hydrogen, green ammonia, and methanol derivatives. The second bid comes from Neometrix Engineering, based in Noida, known for its expertise in turnkey projects and gas handling systems, and with a track record of executing EPC projects for IOC.
IOC’s tender marks India’s inaugural effort to determine green hydrogen prices through competitive bidding. However, similar to the previous tender, several major engineering and industrial gas companies refrained from bidding after showing initial interest during the pre-bid phase.
Last year’s cancellation of the initial tender was prompted by allegations of bias and restrictive technical conditions favoring the GH4India consortium, which led to legal challenges. IOC extended the bidding period multiple times over four months to encourage participation, with nearly 30 entities obtaining pre-bid documents in May, including prominent domestic and global firms.
The ongoing technical evaluation of the bids focuses on criteria such as experience in hydrogen systems, EPC capabilities, and operational experience in the refinery or petrochemical sectors. Critics have voiced concerns over eligibility criteria, particularly in cases favoring consortiums like GH4India, where IOC holds a substantial stake.
