Used as a homogeneous catalyst in organic synthesis, particularly in transfer hydrogenation reactions. It facilitates the reduction of ketones and aldehydes to alcohols using hydrogen donors like isopropanol. Also employed in hydrogenation of alkenes and alkynes under mild conditions. Its high selectivity and activity make it valuable in fine chemical and pharmaceutical manufacturing where precise stereochemical control is required. Soluble in organic solvents, it enables efficient catalytic cycles with low catalyst loading.