IFC, two others likely to buy 49% in Hygenco in $250 million deal

produce 5 million tonnes (mt) of green hydrogen by 2030.

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India's playbook involves leveraging the country's landmass and low solar and wind tariffs to produce low-cost green hydrogen. AFP

Mint reported in June 2024 that IFC and several other companies had evinced interest in the transaction and had signed nondisclosure agreements (NDAs). These included UAE's Masdar (Abu Dhabi Future Energy Company), Beijing-headquartered Asian Infrastructure Investment Bank (AIIB), Australia's Macquarie Group, Japan's Sojitz Corporation, Mitsubishi Heavy Industries Ltd (MHI) and Marubeni Corp., private equity firm Actis Llp, and Gentari, a unit of Malaysia’s state-run oil and gas company Petroliam Nasional Bhd or Petronas.

An IFC spokesperson wrote in an emailed response to Mint, “I'm afraid we would give this a pass, given the speculative nature of the query.”

An external spokesperson for Fullerton Fund Management wrote, “As a matter of policy, we don’t comment on market speculation regarding potential transactions. We remain focused on identifying and supporting high-quality businesses that align with our strategic objectives, and we will share updates as appropriate.”