AUGUSTASIA BUSINESS OUTLOOK8NEWSROOMLARSEN & TOUBRO PLANS TO INVEST $12 BN OVER NEXT FIVE YEARSINDIA, SRI LANKA RENEW BID TO LINK POWER GRIDSThe long-delayed power grid connectivity between the two nations for the exchange of electricity is receiving new impetus from India and Sri Lanka. Following a meeting on the proposal last month, work has begun on updating a full project report for the connectivity through overhead line or underwater cable in the maritime component of the link.The deadline for a preliminary comprehensive project report is September 15; beyond that, it will be considered and finalised by the two parties, they stated. According to the people, Sri Lanka will conduct the requisite load flow assessments for its network's 2027­2028 time frame, taking into account a 500 MW exchange with India through the proposed link. Based on the inputs from the Sri Lankan side, India will study the necessary load flow studies on the combined network data. It's possible that this will be finished by August 21.The findings would then be discussed with the team members from the Central Electricity Authority, Power Grid Corporation of India Ltd, and Ceylon Electricity Board (CEB), which was established in 2016. Since almost two decades ago, there have been discussions about the cross-border interconnection proposal. According to those with knowledge of the situation, it was harmed by the exorbitant project costs that rendered it unviable. The largest engineering and construction firm in India, Larsen & Toubro Ltd., intends to spend up to $12 billion over the following five years, of which a third will be used to grow its renewable energy sector.The corporation plans to invest close to $4 billion in the construction of 1-2 million tonnes of green hydrogen and ammonia capacity. According to Chief Executive Officer SN Subrahmanyan, L&T has approached various coastal states in India about purchasing 500­1,000 acres of land for hydrogen facilities. He made this statement in a Mumbai interview. When veteran AM Naik retires in October, he will take over as group chairman.In order to produce green hydrogen at the Indian Oil Corp. refinery in Panipat, electrolyzers will be made in December and fueled by renewable energy from ReNew Power Private Ltd. More IOC refineries and additional L&T clients will become involved in the project. As the world races to reduce carbon emissions, the Mumbai-based company joins major Indian businesses like Reliance Industries Ltd. and Adani Enterprises Ltd. with green hydrogen bets. To reduce costs, it is essential to find cheaper electrolyzer and renewable energy prices as large-scale green hydrogen generation is not economically feasible at the moment's prices.The conglomerate's L&T Energy Green Tech unit, which will carry out the clean energy strategy, might eventually grow into fuel cells, grid batteries, and hydrogen vending machines. According to Subrahmanyan, the corporation would look into ways for monetizing the unit.
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