L & T plans minority stake sale in clean energy unit to Japan’s Itochu Corp

Mumbai-based engineering conglomerate Larsen & Toubro is in talks with Japan-based Itochu Corporation to sell a minority stake in its wholly owned clean energy subsidiary, L&T Energy GreenTech . The potential transaction includes an off-take partnership for green ammonia, a key component of the deal negotiations.Founded in 2006, L&T Energy GreenTech focuses on the development and commercialisation of green hydrogen and green ammonia projects. The company is developing a 300-kilotonnes-per-annum green ammonia project in Kandla, Gujarat.The firm intends to leverage the Kandla facility as a strategic export hub for green hydrogen derivatives to support international bunkering operations, specifically targeting the transition of the shipping industry toward low-carbon fuels.