L&T’s Energy Arm to Build India’s Largest Green Hydrogen Plant, Shares Surge

Larsen & Toubro (L&T) announced that its subsidiary, L&T Energy GreenTech Ltd., will construct India’s largest green hydrogen plant at Indian Oil Corporation’s (IOCL) Panipat Refinery in Haryana, marking a significant step in the nation’s clean energy transition. The plant, developed on a build-own-operate (BOO) model, will supply 10,000 tonnes of green hydrogen annually to IOCL for 25 years, using high-pressure alkaline electrolysers manufactured at L&T’s Hazira facility in Gujarat.

Operating 24/7 on renewable energy, the facility aligns with IOCL’s decarbonization strategy and the Government of India’s National Green Hydrogen Mission, aiming to position India as a global hub for green hydrogen production. “This project validates our strategy to lead India’s energy transition,” said Subramaniam Sarma, L&T’s Deputy Managing Director.

L&T’s stock, which initially dipped 0.57% to ₹3,444.90, rebounded to ₹3,497, closing 0.81% higher by 10:49 AM, outperforming the NSE Nifty 50’s 0.35% gain. Despite a 4.32% decline over the past year, the project news spurred optimism, with 28 of 34 analysts maintaining a ‘buy’ rating, projecting a 12.9% upside.

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The initiative, set for completion by December 2027, will replace fossil-fuel-based hydrogen at IOCL’s Panipat refinery, significantly cutting carbon emissions and reinforcing L&T’s leadership in sustainable infrastructure.

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