Linde India acquires 20% stake in Avaada MHYavat worth Rs11.40 crore

25 Apr 2022 , 12:20 PM

Linde India informed that the company has invested a sum of Rs11.40 crore in Avaada MHYavat Pvt. Ltd. towards a subscription of 11,375,000 (26%) equity shares of Rs10 each.

The objective of this acquisition is to purchase renewable power under a captive mechanism, which will result in a lower tariff and consequent cost savings.

Avaada is engaged in the business of establishing, commissioning, setting up, operating and generation of electricity through renewable energy sources such as wind, solar, bio-mass, hydro, geothermal, co-generation, and/or any other means in India or elsewhere, including transmission, distribution, supply and sale of such power either directly or through transmission lines and facilities of Central/ State Governments or Private companies or Electricity Boards to industries and Central/ State Government and other consumers of electricity including captive consumption.

Linde India Ltd is currently trading at Rs3,484.50 up by Rs8.7 or 0.25% from its previous closing of Rs3,475.80 on the BSE. The scrip touched intraday high and low of Rs3,519.05 and Rs3,396.70 respectively.