Linde India bought 1.13 crore equity shares or 26% stake in Avaada MHYavat for a cash consideration of Rs 11.40 crore to help the company purchase renewable power under the captive mechanism, resulting in a lower tariff and consequent cost savings.
Last Decemeber, the board at its meeting held on 15 December 2021, had approved a proposal for aggregate capital expenditure of Rs 28.70 crore for sourcing of renewable power (solar/wind) for the merchant Air Separation Units owned/operated by Linde India at Taloja (Maharashtra) and Dahej (Gujarat) and the under-construction air separation plant in Sri City (Andhra Pradesh).
In line with the above, Linde India had decided to enter into joint venture agreements with the identified solar power generating companies through the special purpose vehicles (SPVs) to be set up in due course to qualify as captive consumer of the power. The board had approved Linde India's plan to acquire equity in the joint venture SPVs up to a limit of 26% with solar/wind power generators for supply of renewable power to the aforesaid merchant air separation units.
Linde India posted a 19.4% rise in consolidated net profit to Rs 67.83 crore in Q4 December 2021 from Rs 56.80 crore posted in Q4 December 2020. Revenue from operations grew 35.4% to Rs 644.15 crore in Q4 December 2021 from Rs 475.4 crore registered in Q4 December 2020.
Shares of Linde India rose 0.05% to Rs 3,477.60 on BSE. Linde India is in the industrial gases business, providing a one-stop solution to all businesses for gas supply and related equipment and services. It manufactures cryogenic and non-cryogenic vessels and also design and commission projects.
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