Sterlite Technologies Partners with Hygenco to Establish Maharashtra's First Green Hydrogen Facility
Key Ideas
  • Sterlite Technologies surges 5% after announcing collaboration with Hygenco to set up green hydrogen facility in Maharashtra for optical fibre production.
  • The partnership aims for Sterlite to become one of the first optical fibre manufacturers globally to use 100% green hydrogen, targeting net-zero emissions by 2030.
  • Hygenco to build, own, and operate the facility, ensuring a stable supply of green hydrogen and oxygen to Sterlite's glass preform facility for the next 20 years.
  • Industry leaders see this collaboration as a significant step towards decarbonising the optical fibre industry and boosting India's sustainability efforts through green hydrogen adoption.
Sterlite Technologies Ltd witnessed a 5% surge in its shares following the announcement of a collaboration with Hygenco to establish Maharashtra's inaugural green hydrogen production facility dedicated to optical fibre manufacturing in Chhatrapati Sambhaji Nagar. The venture positions Sterlite as a pioneer in incorporating 100% green hydrogen in its operations, setting a goal to achieve net-zero emissions by 2030. Hygenco will be responsible for constructing, owning, and managing the facility, guaranteeing a consistent and cost-effective provision of green hydrogen and oxygen to Sterlite's glass preform plant over the next two decades. This initiative by Sterlite signifies a breakthrough in decarbonising the optical fibre sector, while Hygenco emphasizes the transformative potential of green hydrogen in advancing India's journey towards sustainability. As of mid-day trading, Sterlite Technologies' stocks were up by 4.32% on the National Stock Exchange (NSE), reflecting positive investor sentiment towards this strategic move in the green energy and manufacturing sectors.
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