Linde India buys 26% stake in Avaada MHYavat for over Rs 11 cr
POWER & RENEWABLE ENERGY

Linde India buys 26% stake in Avaada MHYavat for over Rs 11 cr

Linde India purchased 1.13 crore equity shares or a 26% stake in Avaada MHYavat for Rs 11.40 crore to help its renewable power purchase under the captive mechanism, resulting in a lower tariff and cost savings.

In December 2021, the board had approved a proposal for an aggregate capital expenditure of Rs 28.70 crore for sourcing renewable power for the merchant Air Separation Units owned and operated by Linde India at Taloja in Maharashtra and Dahej in Gujarat and the under-construction air separation plant at Sri City in Andhra Pradesh.

The company plans to enter into joint venture (JV) agreements with the identified solar power generating companies through the Special Purpose Vehicles (SPVs) to be set up in some time to allow as captive consumers of the power.

The board approved Linde India's plan to acquire equity shares in JV SPVs up to 26% with solar and wind power generators for supplying renewable energy to the merchant air separation units.

Linde India recorded a 19.4% increase in its consolidated net profit to Rs 67.83 crore in the fourth quarter (Q4) of December 2021 from Rs 56.80 crore during the same period the previous year.

Its revenue from operations grew 35.4% to Rs 644.15 crore in Q4 December 2021 from Rs 475.4 crore registered in the previous year.

Shares of the company increased by 0.05% to Rs 3,477.60 on the Bombay Stock Exchange (BSE). The company has its appearance in the industrial gases business, providing a complete solution to all businesses for gas supply and related equipment and services. The company is a manufacturer of cryogenic and non-cryogenic vessels and also designs and commissions projects.

Image Source

Also read: Linde launches new C-MATIC robotic trucks

Linde India purchased 1.13 crore equity shares or a 26% stake in Avaada MHYavat for Rs 11.40 crore to help its renewable power purchase under the captive mechanism, resulting in a lower tariff and cost savings. In December 2021, the board had approved a proposal for an aggregate capital expenditure of Rs 28.70 crore for sourcing renewable power for the merchant Air Separation Units owned and operated by Linde India at Taloja in Maharashtra and Dahej in Gujarat and the under-construction air separation plant at Sri City in Andhra Pradesh. The company plans to enter into joint venture (JV) agreements with the identified solar power generating companies through the Special Purpose Vehicles (SPVs) to be set up in some time to allow as captive consumers of the power. The board approved Linde India's plan to acquire equity shares in JV SPVs up to 26% with solar and wind power generators for supplying renewable energy to the merchant air separation units. Linde India recorded a 19.4% increase in its consolidated net profit to Rs 67.83 crore in the fourth quarter (Q4) of December 2021 from Rs 56.80 crore during the same period the previous year. Its revenue from operations grew 35.4% to Rs 644.15 crore in Q4 December 2021 from Rs 475.4 crore registered in the previous year. Shares of the company increased by 0.05% to Rs 3,477.60 on the Bombay Stock Exchange (BSE). The company has its appearance in the industrial gases business, providing a complete solution to all businesses for gas supply and related equipment and services. The company is a manufacturer of cryogenic and non-cryogenic vessels and also designs and commissions projects. Image Source Also read: Linde launches new C-MATIC robotic trucks

Next Story
Infrastructure Transport

Rs 1 Tn National Highway Projects Delayed: Care Ratings

Over half of the 374 road projects awarded by the national highways authority, with a total construction cost of Rs 1 trillion, have experienced delays exceeding six months as of December 2024. The extent of time overruns has risen significantly, from 33 per cent in June 2023 to 55 per cent by the end of 2024, indicating worsening project execution timelines. All these projects are being implemented under the Hybrid Annuity Model (HAM), which remains the dominant approach in national highway development, accounting for 55 per cent of all projects. These contracts, awarded between 2015 and 202..

Next Story
Infrastructure Transport

India Plans 1,450 Km of Asphalt Roads Along the Indo-Pak Border

A large-scale road construction project is set to enhance border security, with 1,096 km of roads planned in Rajasthan and 354 km in Punjab. The initiative is expected to commence within a month, improving patrolling efficiency for the Border Security Force (BSF). Currently, BSF personnel face significant challenges in monitoring the border due to shifting sand dunes and rough terrain. The development of these roads will facilitate smoother movement both on foot and in vehicles, such as jeeps and gypsies. Improved vehicular access will also help reduce response time between border outposts, s..

Next Story
Infrastructure Transport

NHAI Shuts Down CALA Cells in Six Tehsils of Odisha's Jagatsinghpur

The National Highways Authority of India (NHAI) has discontinued the Competent Authority for Land Acquisition (CALA) cells in six tehsils of Jagatsinghpur district. This decision has impacted the preparation of the detailed project report (DPR) for the proposed Cuttack-Kandarpur-Paradip economic corridor, along with inter-corridors and feeder routes under Bharatmala Pariyojana Lot-5. The move has been met with approval from local farmers, who had raised concerns about land acquisition for the project. While they did not oppose the project itself, they had urged authorities to consider alterna..

Advertisement

Advertisement

Subscribe to Our Newsletter

Get daily newsletters around different themes from Construction world.

STAY CONNECTED

Advertisement

Advertisement

Advertisement

Advertisement

Talk to us?