Engineering and construction company Larsen & Toubro (L&T) on Monday announced the incorporation of Panipat Green Hydrogen Pvt Ltd, a new wholly-owned subsidiary.
The announcement comes in the backdrop of the Central government actively championing green hydrogen as a clean energy source, backed by initiatives like the National Green Hydrogen Mission and pilot projects exploring its use in transportation.
L&T had previously secured a land parcel in Kandla, Gujarat, earmarked for the development of green hydrogen and green ammonia projects, underscoring its proactive stance in this space.
In a separate development, global credit rating agency Fitch Ratings affirmed L&T’s long-term foreign and local currency issuer default ratings (IDRs) at ‘BBB+’, with a stable outlook.
This affirmation by Fitch highlights the company’s strong financial health and stable operational outlook amidst its diversification efforts into new energy ventures.
