L&T Energy GreenTech Signs Green Ammonia Deal With ITOCHU; Shares Down 0.80%

Mumbai, April 22: L&T Energy GreenTech Ltd, the clean energy arm of Larsen and Toubro Limited, has entered into a long-term agreement with Japan’s ITOCHU Corporation for the supply of green ammonia.

L&T will produce up to 300,000 tonnes per annum of green ammonia from its proposed facility in Kandla, Gujarat, while ITOCHU will offtake the output under a captive long-term structure, the company said in a regulatory filing on Wednesday.

The partnership is an extension of a joint development agreement signed in July 2025. What has changed now is the commercial clarity. The companies are no longer just exploring the opportunity. They are beginning to define how it will translate into actual supply flows.

ITOCHU plans to channel this green ammonia into its global bunkering network. Singapore, already one of the world’s busiest maritime hubs, is expected to be a key node. The direction is clear. Shipping is searching for cleaner fuels, and ammonia is increasingly being tested as a viable option.

Share Market Snapshot

Larsen and Toubro share price stood at ₹4,043.00, down 0.80% as of 10:32 IST on April 22, 2026, compared with the previous close of ₹4,075.40, according to exchange data.

The stock opened at ₹4,070.00 and slipped to a low of ₹4,022.10 during the session so far. The move is relatively contained, suggesting that the market is not dismissing the development, but also not rushing to price it in aggressively.

Green hydrogen and ammonia projects tend to unfold over longer timelines. They involve high upfront capital, layered regulatory approvals, and evolving global demand dynamics. Investors typically wait for execution milestones before reassessing valuations.

L&T Expands Its Play InThe Energy Transition Space

Larsen and Toubro has been steadily repositioning parts of its business towards energy transition opportunities. Through L&T Energy GreenTech, it is building capabilities across the green hydrogen value chain, including derivatives such as ammonia.

The company’s strength lies in its integrated model. Engineering, procurement, construction, and manufacturing capabilities sit under one umbrella, allowing it to approach large-scale projects with greater control over execution.

The Kandla location adds another dimension. Being a coastal hub, it offers logistical efficiency for exports, especially for fuel products aimed at global shipping routes. That geographic advantage is central to the project’s design.

Long-Term Potential Clear, Execution Remains The Real Test

This agreement does something important. It reduces demand uncertainty. Having a global trading house like ITOCHU as a committed buyer provides a foundation that many early-stage green projects lack.

For the moment, the movement in Larsen and Toubro share price reflects a familiar stance. The market acknowledges the strategic direction, but waits for proof through execution.

Source:

• https://www.nseindia.com/get-quote/equity/LT/Larsen-&-Toubro-Limited
• https://nsearchives.nseindia.com/corporate/PAM_22042026100802_PressRelease22042026.pdf