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Linde India JV completes sale of plant to JSW Steel; Stock gains over 1%

The joint venture Bellary Oxygen Company has since handed over the possession of the 855 tpd ASU and other related assets to JSW Steel.

November 17, 2021 12:45 IST | India Infoline News Service
Linde India Limited updated the exchanges with regard to the Belloxy Divestment as per the Order of the Competition Commission of India (CCI). It said, the company’s joint venture company, Bellary Oxygen Company Private Ltd. has accepted JSW Steel Ltd.’s offer for the purchase of the 855 tonnes per day Air Separation Unit and other related assets owned by the aforesaid joint venture company, which form part of the Belloxy Divestment.

In view of the expiry of the gas supply contract with JSW Steel Ltd. on November 14, 2021, Bellary Oxygen Company has signed and executed the Asset Sale Agreement with JSW Steel Ltd. and has received the consideration amount of Rs50cr for the transaction.

The joint venture company has since handed over the possession of the 855 tpd ASU and other related assets to JSW Steel Ltd. as of November 15, 2021 and has also signed the closing documents on November 15, 2021.

“As a consequence of the above, the Hold Separate Arrangement in respect of the Belloxy Divestment will come to an end,” Linde India said in a filing.

At around 12.50 pm, Linde India Ltd was trading at Rs2,523 per piece up by Rs29.85 or 1.2% from its previous closing of Rs2,493.15 per piece on the BSE.

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