Good morning [%first_name |Dear Reader%],

Those of us who still like to glance at newspapers in the morning saw full-page ads from the Adani group greeting us on Tuesday. The conglomerate is campaigning for its Rs 20,000-crore (US$2.5 billion) follow-on public offering (FPO) which opens for retail investors this Friday. 

“…the new thrust,” the text above the fold read, “is now on Green Hydrogen, Airports, Roads, Data Centres and Digital.”

For the sake of this newsletter, I’ll stick to green hydrogen. I know it sounds a tad nebulous at this stage—there’s been no new tech breakthrough on electrolysers and nothing has shifted on the supply side, except the cost of electricity taking a dip thanks to solar energy costs coming down. 

But it’s still interesting. At least in the manner in which India’s two largest industrial groups are pursuing—or how others perceive them pursuing—green hydrogen goals. 

Last week, Reliance Industries Ltd (RIL) announced its quarterly earnings around the same time that American investment bank Jefferies released a report valuing RIL’s green hydrogen business at US$8 billion.