In a major boost to India's green energy sector, a consortium comprising the World Bank's International Finance Corporation (IFC), German engineering giant Siemens AG, and Singapore's Fullerton Fund Management is poised to acquire a significant minority stake in Gurugram-based Hygenco Green Energies Pvt. Ltd.
The Landmark Deal Structure
The transaction, which values the clean hydrogen manufacturer at approximately $250 million in enterprise value, will see the international investors acquire at least 49% stake in Hygenco. According to sources familiar with the development, the equity value of the deal stands at around $125 million.
IFC plans to invest $50 million directly into the company, while Siemens AG and Fullerton Fund Management will collectively contribute the remaining $75 million. The deal is being managed by investment bank Avendus Capital, with formal announcement expected by mid-December.
Hygenco's Ambitious Growth Plans
This substantial investment will fuel Hygenco's aggressive expansion strategy in India's burgeoning green hydrogen market. The company has outlined plans to invest $2.5 billion over the next three years to establish green hydrogen production facilities across the country.
Hygenco aims to develop 10 gigawatts of production and distribution assets by 2030, positioning itself as a major player in India's clean energy transition. Currently, the company's ownership is split between co-founders Amit Bansal, Anshul Gupta, and Ashish Gupta, who collectively hold 51%, and SBICAP Ventures Limited's SVL-SME Fund (Neev Fund II), which owns the remaining 49%.
India's Green Hydrogen Revolution
This investment comes at a crucial time for India's clean energy ambitions. The country has set an ambitious target to produce 5 million tonnes of green hydrogen annually by 2030. India's strategy involves leveraging its vast land resources and competitive solar and wind energy tariffs to produce low-cost green hydrogen and ammonia for both domestic use and export to markets like Japan, South Korea, and Europe.
The growing investor confidence in this sector was evident when state-run Solar Energy Corporation of India announced the lowest green hydrogen rate of ₹49 per kg in August. Industry experts predict further cost reductions, with the levelized cost of hydrogen potentially falling to as low as $0.8 to $3.3 per kg by 2030.
Several major Indian corporations, including Indian Oil Corporation, GAIL, ACME, ReNew Energy, Larsen & Toubro, Reliance Industries, and the Adani Group, have announced substantial green hydrogen production plans, signaling a nationwide push toward clean energy adoption.
