Linde India Ltd. saw its shares rise by nearly 4% on September 4, 2024, following the announcement of a significant acquisition.
The company has entered into a plant sale agreement with Tata Steel Ltd. to acquire industrial gas supply assets, including two 1800 tpd air separation units (ASUs) from Tata Steel’s Kalinganagar Phase 2 expansion project.
According to a stock exchange filing, Linde India will purchase these ASUs, which are part of the infrastructure being developed for Tata Steel’s expansion project. The deal makes Linde India the successful bidder for operating the gas-supplying infrastructure at Tata Steel’s Kalinganagar plant for the next 20 years.
Linde India plans to fund the acquisition with its own resources. As of 9:45 AM, the company’s shares were trading 3.63% higher at ₹7,463.70 on the NSE.