Board Approval and Transaction Details

  • The Board of Directors at its meeting held on Friday, 13 November 2026 approved the acquisition of 100% share capital of Airtech Cryogenic Gases Private Limited ("Airtech").
  • The Board accorded approval for execution of a Share Purchase Agreement (SPA) with the shareholders of Airtech.
  • The SPA was executed on 13 November 2026.
  • Upon fulfilment of conditions precedent and completion of the transaction, Airtech will become a wholly-owned subsidiary of Linde India Limited.

Target Company Information

Name: Airtech Cryogenic Gases Private Limited

Business: Manufacturing, sales and distribution of industrial and medical cryogenic gases

Location: Air Separation Unit located at Dholka, Gujarat

Date of Incorporation: 10 April 2023

Country of Operation: India

Financial Information

Turnover History:

  • 31 March 2024: NIL
  • 31 March 2025: ₹4.58 lakhs
  • 31 March 2026: ₹2,899.95 lakhs (₹28.99 crore) for 9 months of operation

Acquisition Cost: Estimated ₹111.20 crore (subject to closing and other adjustments)

Consideration Type: Cash consideration

Transaction Structure

Percentage Acquired: 100% of shares

Transaction Type: Not a related party transaction

Promoter/Promoter Group Interest: None

Governmental Approvals Required: None

Expected Completion Timeline: 8 weeks

Strategic Rationale

The acquisition aims to strengthen Linde India's core business, scale and growth in the industrial and medical gases sector.