Larsen & Toubro has declared the establishment of a new business vertical exclusively for renewable EPC (engineering, procurement and construction). This development is part of the company’s infrastructure projects segment.

What Happened: Larsen & Toubro Limited revealed the inception of a distinct business vertical for renewable EPC, in a press release on Monday. This decision has been taken in light of the rapid clean energy transition and the escalating global demand for renewable energy, especially solar and wind power, the company said.

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The firm, already possessing an extensive portfolio of 22 GWp of renewable EPC experience, is linked with some of the world’s largest single-site renewable energy parks. It has played a significant role in major projects in Saudi Arabia and is currently executing Phase 6 of the Mohammed bin Rashid Al Maktoum Solar Park in Dubai, UAE.

A. Ravindran, Senior Vice President of Larsen & Toubro, has been designated as the head of the firm's renewable business. 

"The growth of renewable EPC business has accelerated in recent years. Thanks to our early start and investments, we have built an organization that is uniquely placed in the value chain of creating sustainable energy infrastructure. This space is promising. Multiple opportunities are visible.

We want to capitalize on our success and wish to remain a preferred partner of choice for our customers. Creation of this vertical will give increased autonomy, customer proximity and leadership oversight to the business and enable us to excel in this space," S.N. Subrahmanyan, chairman & managing director of Larsen & Toubro said about the development.

Price Action: Shares of Larsen & Toubro were trading flat at ₹3,689.50 on Monday.

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