Linde India buys 26% stake in Avaada MHYavat for over Rs 11 cr

26 Apr 2022 CW Team

Linde India purchased 1.13 crore equity shares or a 26% stake in Avaada MHYavat for Rs 11.40 crore to help its renewable power purchase under the captive mechanism, resulting in a lower tariff and cost savings.

In December 2021, the board had approved a proposal for an aggregate capital expenditure of Rs 28.70 crore for sourcing renewable power for the merchant Air Separation Units owned and operated by Linde India at Taloja in Maharashtra and Dahej in Gujarat and the under-construction air separation plant at Sri City in Andhra Pradesh.

The company plans to enter into joint venture (JV) agreements with the identified solar power generating companies through the Special Purpose Vehicles (SPVs) to be set up in some time to allow as captive consumers of the power.

The board approved Linde India's plan to acquire equity shares in JV SPVs up to 26% with solar and wind power generators for supplying renewable energy to the merchant air separation units.

Linde India recorded a 19.4% increase in its consolidated net profit to Rs 67.83 crore in the fourth quarter (Q4) of December 2021 from Rs 56.80 crore during the same period the previous year.

Its revenue from operations grew 35.4% to Rs 644.15 crore in Q4 December 2021 from Rs 475.4 crore registered in the previous year.

Shares of the company increased by 0.05% to Rs 3,477.60 on the Bombay Stock Exchange (BSE). The company has its appearance in the industrial gases business, providing a complete solution to all businesses for gas supply and related equipment and services. The company is a manufacturer of cryogenic and non-cryogenic vessels and also designs and commissions projects.

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