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2 min read | Updated on September 05, 2024, 13:07 IST
SUMMARY
Linde India entered into an agreement with Tata Steel to acquire air-separation unit assets at the Kalinganagar phase 2 expansion project. Linde India boasts the world’s largest air Separation Unit (ASU) (5 x 5,250 TPD) installed at Jamnagar.
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Linde India zooms 6% on entering into agreement to acquire Tata Steel’s industrial gas supply assets
Linde India has entered into the plant sale agreement with Tata Steel for acquiring their industrial gas supply assets - 2X1800 tpd Air Separation Units (ASUs) at their Kalinganagar Phase 2 expansion project.
In February 2023, Tata Steel declared the company a successful bidder for acquiring their industrial gas supply assets—2X1800 tpd Air Separation Units.
This acquisition will help Linde India reinforce the strong bond it has with Tata Steel and will further strengthen its leadership position in the gas markets in East India.
Linde India Limited, a subsidiary of BOC Group, UK (which owns a 75% stake in the company), is primarily engaged in the manufacturing of industrial and medical gases and the construction of cryogenic and non-cryogenic air separation plants. The company has 14 manufacturing units located across Karnataka, Telangana, Gujarat, Haryana, Rajasthan, Odisha, Jharkhand, West Bengal, Maharashtra, Uttarakhand and Tamil Nadu.
In the latest quarterly results, the company posted 10% YoY decline in net revenue at ₹653 crore as against ₹721 crore in the Q1FY24. However, net profit for the quarter jumped 13% YoY to ₹113 crore as against ₹99 crore in the previous year's same quarter.
The shares of Linde India have given 32% YTD returns and currently trading 4% higher at ₹7,510 apiece on the NSE.
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