L&T sets up new arm to develop green hydrogen projects

New Delhi, Jun 30 (PTI) Engineering and construction major Larsen & Toubro (L&T) on Monday announced the incorporation of a new wholly-owned arm, Panipat Green Hydrogen Pvt Ltd.

The new wholly-owned subsidiary, Panipat Green Hydrogen, has been formed to develop green hydrogen projects and carry out other related business activities, L&T said in a filing to stock exchanges.

In a separate filing, the company said that Fitch Ratings has affirmed Larsen & Toubro (L&T) "long-term foreign and local currency issuer default ratings (IDRs) at 'BBB+'," and states that the outlook is stable.

Larsen & Toubro had earlier said it has secured a land parcel in Kandla, Gujarat, for the development of green hydrogen and green ammonia projects.

The government is actively promoting green hydrogen as a clean energy source, with initiatives like the National Green Hydrogen Mission and pilot projects focused on its use in transportation. PTI SID MR