L&T draws up a $2.5-billion green energy plan

According to a senior company official, engineering behemoth Larsen and Toubro (L&T) intends to invest up to $2.5 billion (200 billion) in expanding its green energy portfolio. L&T has completed the installation of its first hydrogen generation plant at its Hazira manufacturing facility in Gujarat. The plant will use an alkaline electrolysis process to produce 45 kg of green hydrogen per day for captive consumption in the company's local manufacturing complex. The company has been evaluating prospects in green energy areas including green hydrogen, battery storage and offshore wind, among others, as it seeks to reduce its presence across the fossil fuel space and build new businesses around green energy. Also Read: L&T bags IOCL contract to set up RHCU unitWarehousing rents in Mumbai, Bengaluru, NCR up 7.2% in FY'22