India’s ₹8 lakh crore green hydrogen push is moving from policy to execution. As electrolyzer manufacturing, infrastructure, and long-term projects gather pace, these three companies are positioning themselves to capitalize on the emerging opportunity.
India’s green hydrogen ambitions are steadily moving from policy announcements to on-ground execution. It has accelerated the rollout with fresh policy measures, a certification framework, and continued budget support for domestic manufacturing.
The government’s objective is to build a complete green hydrogen value chain, reduce fossil fuel imports, and make India a global production hub. The opportunity is significant. India targets an annual production capacity of 5 million metric tonnes of green hydrogen by 2030, supported by 125 gigawatts (GW) of renewable energy capacity and over ₹8 lakh crore investments.
The scheme was initially launched in January 2023 with an outlay of ₹19,744 crore till FY30. Of this, ₹17,490 crore is for manufacturing electrolyzers, which produce green hydrogen. Recent initiatives, including the launch of the Green Hydrogen Certification Scheme, are also laying the groundwork for exports and commercial adoption.
As projects move from announcements to execution, companies involved in electrolyzers, EPC, renewable energy, and hydrogen infrastructure could see new growth opportunities.
Against this backdrop, this article examines three power companies with expanding presence in green hydrogen. Now the point is that multiple companies, including Reliance and Adani, have announced ambitious green hydrogen plans.
The plants are to start with electrolyser manufacturing, move into Build-Own-Operate projects, and ultimately transition to supplying green derivatives such as green ammonia and methanol. The target markets include refineries, chemical, maritime, aviation, natural gas, etc.
Evaluating Waaree’s ₹657-Crore Dungri Plant Capital Expenditure
To capture this market, it is building an electrolyzer manufacturing plant in Dungri, Gujarat, with a planned annual capacity of 1 GW. The company is investing ₹657 crore in the project. The facility is slated for commercialisation in FY27.
