Leading engineering and construction company Larsen & Toubro (L&T) announced on Monday the creation of a brand new company, Panipat Green Hydrogen Pvt Ltd. This new venture is entirely owned by L&T, reports The Economic Times.
According to a statement filed with stock exchanges, Panipat Green Hydrogen has been formed specifically to develop projects related to green hydrogen and engage in other associated business activities. Green hydrogen is a clean energy source produced using renewable power.
In a separate announcement, L&T also shared that Fitch Ratings has confirmed its “long-term foreign and local currency issuer default ratings (IDRs) at ‘BBB+’,” with a stable outlook, indicating a strong financial position for the company.
This move follows L&T’s earlier announcement that it had secured land in Kandla, Gujarat, for the development of green hydrogen and green ammonia projects.
The Indian government is actively encouraging the use of green hydrogen as a clean energy source. Initiatives like the National Green Hydrogen Mission and various pilot projects are underway to explore its application in areas such as transportation.
