BPCL enters joint venture with Sembcorp for green hydrogen

Bharat Petroleum Corporation Limited (BPCL) announced today that it has entered into a joint venture agreement with Sembcorp Green Hydrogen India Pvt. Ltd (SGHIPL) to pursue projects in the renewable energy and green hydrogen sector. The initial authorized share capital is INR10,00,00,000/- (Indian Rupees One Hundred Crores Only), with the issued and subscribed capital being INR25,00,00,000/- (Indian Rupees Twenty-Five Crores Only). The venture will focus on developing, constructing, and operating renewable energy and green hydrogen projects across India. The shareholding ratio for the JV is 50:50 between BPCL and SGHIPL. As per the agreement, the chairman role will rotate every two years and the CEO and CFO roles will rotate every three years. BPCL says this partnership supports the company's energy transition and net zero initiatives.