Engineering and construction major Larsen & Toubro 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 'long-term foreign and local currency issuer default ratings 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.
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