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Linde India Ltd approves JV with Praxair India Pvt Ltd

Posted On: 2020-03-25 13:46:45


At the meeting of the Board of Directors (the Board) of Linde India Limited ("the Company") held on 24 March 2020, the Board evaluated various options and plans available to Linde India and Praxair India for the best possible / potential integration between the two companies. After evaluation of appropriate integration plan for realizing synergies between the competing / synergistic businesses of Linde India and Praxair India, the Board has approved a Joint Venture with Praxair India Private Limited with both Linde India Limited and Praxair India Private Limited holding 50% of the total issued and paid up share capital of the Joint Venture Company, which will provide Operation and Management ("O&M") Services to both Linde India and Praxair India.

The Board of Directors has also approved the execution of the Joint Venture and Shareholders Agreement ("JV&SHA") and pursuant to such execution of the JV&SHA, Linde India has acquired and holds 50% of total issued and paid up equity share capital of LSAS Services Private Limited ("Joint Venture Company") and Praxair India holds the remaining 50% of the total issued and paid up equity share capital of the Joint Venture Company.

The Board of Directors of the Company has also approved of Linde India Limited entering into an O&M Services Agreement with Joint Venture Company, under which, the Joint Venture Company will render Operation and Management Services to both the joint venture partners for their respective functions including Procurement, SHEQ, Human Resources, Finance, IT, Legal, Administration, Business Development, Onsite account management, Sales & Marketing, Product Management on an arms' length basis.

The Board of Directors of the Company has also approved additional investment of Rs. 19.95 million into the Joint Venture Company by way of additional equity subscription, with a view to maintain 50:50 stake in the Joint Venture Company.

The Board of Directors of the Company has also approved adoption of common guidelines to ensure an aligned approach to markets by Linde India Limited and Praxair India Private Limited and determine amongst them, the entity for acquisition of new business. These guidelines were arrived at, after considering proximity to existing plants, incumbency, availability of technology, availability of plant configurations or suitable product lines, ability to offer the cheapest solution, requirement to be consistent with the competition law, etc. On this basis, the overlapping merchant air gas business of Linde India and Praxair India has been geographically divided, and the on-site air gas business is divided based on incumbency, merchant priority and respective Parties' ability to offer competitive solution. The project engineering business is unique to Linde India, while the CO2 and HYCO business is unique to Praxair India; and these businesses will be pursued solely by the respective organizations.

Shares of Linde India Limited was last trading in BSE at Rs.434.2 as compared to the previous close of Rs. 417. The total number of shares traded during the day was 2267 in over 240 trades.

The stock hit an intraday high of Rs. 438 and intraday low of 378. The net turnover during the day was Rs. 947132.


Source: Equity Bulls

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