Linde India buys 26% stake in Avaada MHYavat for over Rs 11 cr
POWER & RENEWABLE ENERGY

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

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.

Image Source

Also read: Linde launches new C-MATIC robotic trucks

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. Image Source Also read: Linde launches new C-MATIC robotic trucks

Next Story
Infrastructure Transport

Railways approves major upgrade for Telangana traction lines

The Ministry of Railways has approved the upgradation of the electric traction system in two crucial railway sections — Medchal–Mudkhed (225 km) and Mahbubnagar–Dhone (184 km). The projects, costing Rs 1.93 billion and Rs 1.23 billion respectively, will enhance the electric traction capacity from 1X25 KV to 2X25 KV. The work includes modifications to circuit breakers and switching stations, along with the installation of additional conductors. These routes serve as vital links between Northern and Southern India via Hyderabad. Once completed, the upgraded system will reduce voltage dro..

Next Story
Infrastructure Transport

Adani to invest Rs 425 billion more in Maharashtra’s Dighi Port

The Adani Group has committed to invest an additional Rs 425 billion in the Dighi Port project, located along Maharashtra’s coastal Konkan belt, government officials announced on Monday. Adani Ports and Special Economic Zone (APSEZ)-run Dighi Ports signed a memorandum of understanding (MoU) with the Maharashtra government to undertake the expansion of the port and related infrastructure. This new commitment comes as part of a broader investment initiative by the state. Chief Minister Devendra Fadnavis said the agreement is among 15 MoUs worth over Rs 560 billion signed during the opening d..

Next Story
Infrastructure Transport

HUDCO, JNPA sign Rs 50 billion deal for port development

In a strategic move, the Housing and Urban Development Corporation Ltd (HUDCO) has signed a Memorandum of Understanding (MoU) with the Jawaharlal Nehru Port Authority (JNPA) for an investment of Rs 50 billion to revamp and develop port infrastructure. The non-binding agreement is intended to strengthen cooperation on both existing and upcoming infrastructure projects, with a focus on development, financing, and refinancing of port facilities at the Jawaharlal Nehru Port. The MoU was formalised with the signatures of Sanjay Kulshrestha, Chairman and Managing Director of HUDCO, and Unmesh Shar..

Advertisement

Subscribe to Our Newsletter

Get daily newsletters around different themes from Construction world.

STAY CONNECTED

Advertisement

Advertisement

Advertisement

Talk to us?