In accordance to CCI orders, Linde India Board nods sale of South Region Biz

KOLKOTTA | MUMBAI | AHMEDABAD-GANDHINAGAR-RAJKOT – In a regulatory filing submitted to the Indian Stock Exchanges, Hydrocarbon sector multinational major Linde India Ltd said of the board giving nod for sale/divesement of South region business, in accordance to the orders of Competition Commission of India and after availing regulatory as well as shareholders’ approval.

The company statement submitted to the Indian Bourses read that,, wee wish to inform you that in compliance with the order of the Competition Commission of India (CCI), at a meeting of the Board of Directors of the Company held on 12 August 2019, the Board has subject to the approval of Shareholders of the Company and the CCI and subject to such other approvals as may be necessary, approved the sale/divestment of the “Company’s South Region Divestment Business”


WHAT IS FOR SALE?

The South Region business comprises the business of :-

  1. Producing, distributing and selling various industrial gases, viz. oxygen, nitrogen and argon from the Company’s (JSW-2) 1800 tonnes per day onsite Air Separation plant located at Bellary, Karnataka and
  2. The Company’s cylinder filling stations located at Hyderabad and Chennai as more fully described in Schedule II of the Order dated 6 September 2018 issued by the CCI, along with
  3. Surplus land in Chennai and Hyderabad PGP sites and
  4. A decommissioned Air Separation Unit at Hyderabad site.

WHO IS BUYING IT?

Entire South region asset as narrated above will has been agreed to be sold on a “slump-sale” and “as is where is basis” to Air Water India Private Ltd, a company incorporated under the Companies Act, 2013 for an aggregate sale consideration of  Rs.13,800 million (Rupees Thirteen Thousand Eight Hundred million) only (~1,380 crores ~ 13.80 billion).

The Company has entered into a binding term sheet on 13 August 2019 with Air Water India Private Ltd and with Air Water Inc., a company incorporated under the laws of Japan (as a guarantor) in this regard and is taking necessary action to seek the approval of the CCI and the Shareholders in connection therewith.


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