Oswal Energies is centring technology localisation in its push into green hydrogen, banking on domestic electrolyser manufacturing and patented transport solutions to cut costs and reduce import dependence as it scales projects in Gujarat, managing director Ratan Bokadia told BW Businessworld in a recent interview.
At the core of Oswal’s strategy is a focus on building more of the hydrogen value chain inside India. Bokadia highlighted the company’s exclusive tie-up with Greenzo Energy, which he described as “India’s first electrolyser manufacturer” with a government-recognised patent, as a critical piece of that plan. He said Greenzo’s approach avoids reliance on Chinese-sourced components and moves beyond mere assembly to genuine domestic production of the electrolyser, the “heart” of any green hydrogen plant.
“Electrolyser is the main heart,” Bokadia said, stressing why localisation matters for costs, supply security and the Make in India push.
Patented Transport Tech To Address Distribution Challenge
Oswal has also partnered with Sinclair UK for a patented technology aimed at lowering hydrogen transportation costs, a persistent bottleneck for producers that need to move hydrogen from production sites to end users. Bokadia said cheaper transport technology is key when plants are not installed directly on client premises, and that Sinclair’s method could make off-site supply more commercially viable.
Oswal plans to deploy a Build-Own-Operate (BOO) model for small and mid-sized chemical manufacturers in Gujarat’s industrial belt. Under the model, the company would invest in captive units ranging from 1 MW to 5 MW at client sites and supply green hydrogen on a per-kilogram basis, replacing grey hydrogen that currently presents safety concerns and carbon-intensity issues for exporters.
Bokadia said many chemical firms in Dhej, Jagadia, Bharuch and Ankleshwar are actively looking to shift from grey to green hydrogen, partly in anticipation of carbon-related trade costs in Europe. The BOO approach, he argued, reduces the capital burden on manufacturers while ensuring a steady supply of green hydrogen.
Port Pilots Signal Future Export Ambitions
Oswal has signed an MoU with Deendayal Port Trust for pilot projects, including green hydrogen, green methanol and green ammonia. Bokadia described these as “mock-up plants” aligned with broader port modernisation under the Centre’s Sagarmala initiative, with the long-term vision of developing export hubs once pilots scale.
“These are pilot plants initially; the ultimate idea is to export from there worldwide,” he said, noting other ports may follow similar plans.
Bokadia said the company is awaiting Gujarat’s green hydrogen policy, currently in draft, and expects demand to pick up once state incentives and policy clarity are announced. He compared the sector’s current regulatory infancy to the early days of solar, where policy support and domestic manufacturing eventually drove down costs dramatically.
“Green hydrogen requires green power,” he noted, adding that renewable availability and incentives on both CAPEX and OPEX will determine commercial viability for many clients.
Expanding Technical Scope— CCU, Plasma And Waste-to-energy
Beyond electrolyser-led hydrogen production, Oswal is bidding for carbon capture and utilisation (CCU), plasma-enhanced gasification and waste-to-energy contracts. Bokadia said the company plans to combine licensed technology and engineering from overseas partners with local manufacturing of equipment in India to reduce import costs under the Make in India framework.
On capital plans, Bokadia confirmed regulatory clearances are in place but said the company has not fixed a public listing date. While the draft red herring prospectus points to working capital use for proceeds, longer-term capital expenditure plans for green hydrogen beyond FY26 “are yet to be concluded,” he said. |
