L&T Ventures into Green Hydrogen with New Subsidiary

Engineering and construction giant Larsen & Toubro (L&T) has launched a new subsidiary named Panipat Green Hydrogen Pvt Ltd. Announced on Monday, this wholly-owned entity will spearhead the development of green hydrogen projects while engaging in related business activities, according to L&T's filing to stock exchanges.

In a separate announcement, Fitch Ratings maintained Larsen & Toubro's long-term foreign and local currency issuer default ratings at 'BBB+', indicating a stable outlook. This comes as L&T continues to expand its footprint in the green hydrogen sector.

Previously, L&T acquired a land parcel in Kandla, Gujarat, earmarked for green hydrogen and ammonia projects. Concurrently, the Indian government is championing green hydrogen as a pivotal clean energy resource, driven by the National Green Hydrogen Mission and pilot schemes aimed at transforming the transportation sector.

(With inputs from agencies.)