Linde India to buy entire packaged gases biz of Vadodara-based HPS Gases

The acquisition will come into effect from November 01, 2021.

Aug 04, 2021 12:08 IST India Infoline News Service

Linde India has signed a Business Transfer Agreement with HPS Gases Ltd., Vadodara to acquire its entire packaged gases business along with certain distribution assets for an aggregate cash consideration of Rs27.5cr.

The acquisition will come into effect from November 01, 2021.

Under the deal, Linde India will enter into other agreements with HPS Gases Ltd., viz. Asset Purchase Agreement, Non-Compete Agreement and Agreement for Product Supply and Purchase. In line with these agreements, Linde India will supply liquid products to HPS Gases Ltd. and purchase gases in packaged and mini-bulk from HPS Gases Ltd. under a long-term contract with them.

In its regulatory filing, Linde India said that the aforesaid acquisition of the packaged gases business of HPS Gases Ltd. will help expand Linde’s presence in Packaged Gas and Micro Bulk market in Western India. The acquisition does not fall within the purview of related party transaction(s) and the promoter/promoter group does not have any interest in HPS Gases Ltd.

HPS Gases Ltd.(part of the privately held SKY Oxygen group) is one of the oldest and reputed Industrial Gas players
in Western India since1988.

At around 12.39 PM, Linde India was trading at Rs1766.50 per piece up 0.3% on Sensex.

Related Story

Open Free Demat Account (Rs699)