L&T Energy GreenTech Gets Contract To Set Up Green Hydrogen Plant at IOCL’s Panipat Refinery
By HDFC Sky | Published at: Jul 21, 2025 04:28 PM IST
Mumbai, July 21, 2025 – Larsen & Toubro Ltd (NSE: LT, BSE: 500510) today announced that its wholly-owned subsidiary, L&T Energy GreenTech Ltd (LTEG), will develop India’s largest green hydrogen plant for Indian Oil Corporation Ltd (IOCL) at its Panipat refinery in Haryana. The plant will supply 10,000 tonnes of green hydrogen annually to IOCL for 25 years.
L&T Stock Movement
The share of the parent company (L&T) traded at ₹3498.70 (up by 0.98% at 02:15 PM). The stock traded in green throughout the trading session so far, and the low-high range remained between ₹3,444.90 and 3,508.10. The stock has moved upwards in the past three months (close to 8%). The P/E ratio (TTM) was 31.68, slightly higher than the average industrial P/E ratio.
Project Overview
The upcoming facility will be set up on a Build-Own-Operate (BOO) basis and is expected to supply 10,000 tonnes of green hydrogen per annum to IOCL for the next 25 years. The project aligns with the Government of India’s National Green Hydrogen Mission and represents a significant step forward in the country’s decarbonization goals.
Key Project Details
| Parameter | Details |
|---|---|
| Plant Location | IOCL Panipat Refinery, Haryana |
| Annual Green Hydrogen Output | 10,000 tonnes |
| Project Tenure | 25 years (BOO Model) |
| Electrolyser Tech | High-pressure alkaline electrolysers |
| Manufacturing Source | L&T Electrolysers Ltd, Hazira, Gujarat |
| Operating Model | Round-the-clock using renewable energy |
Strategic Impact and Industry Leadership
The green hydrogen produced will be powered entirely by renewable energy, positioning IOCL to reduce carbon emissions in its refining operations significantly. LTEG’s initiative sets a new benchmark for industrial-scale clean energy adoption, especially in hard-to-abate sectors such as refineries and fertilizers.
Mr. Subramaniam Sarma, Deputy Managing Director & President, L&T, stated:
“The decision to set up India’s maiden green hydrogen plant validates our strategy to lead the nation’s energy transition. This long-term project not only deepens our partnership with IOCL but also reinforces our capability to deliver large-scale clean energy solutions.”
Mr. Derek Shah, Head – Green Manufacturing & Development, L&T, added:
“This project reflects our end-to-end green energy capabilities – from electrolyser manufacturing to execution and operation. We aim to deliver a high-performance, zero-emission plant that sets new industry benchmarks. It also supports Aatmanirbhar Bharat through indigenous technology deployment.”
About L&T Energy GreenTech
L&T Energy GreenTech (LTEG) is a key pillar in L&T’s clean energy portfolio. With a focus on green hydrogen, derivatives, and electrolyser manufacturing, LTEG operates through three strategic pillars: Development, Manufacturing, and EPC (Engineering, Procurement, and Construction). The company leverages in-house R&D, strategic partnerships, and advanced technology to offer integrated solutions across the green energy value chain. Larsen & Toubro is a listed Indian multinational company with a market capitalization of over $30 billion, recognized for its leadership in infrastructure, engineering, and technology-driven sectors.
REF: https://www.bseindia.com/xml-data/corpfiling/AttachLive/0e801312-337a-4785-b50f-fb14c438abdc.pdf
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