Linde India has signed a business transfer agreement to acquire the packaged gases business of HPS Gases, one of Western India’s largest industrial gases companies.
Formalising the move on Monday (2nd August) Linde said it will purchase HPS Gases for an aggregate cash consideration of Rs.275 million ($3m).
As part of the acquisition, Linde will also enter into other agreements with the company.
In line with such agreements, Linde India will supply liquid products to HPS Gases and purchases gases in packaged and mini bulk under a long-term contract.
On the transaction, Abhijit Banerjee, Managing Director of Linde India, said, “HPS Gases is a strong player, and this acquisition will help expand Linde’s presence in packaged gas and micro bulk market in Western India.”
Abhishek Gangwal, Managing Director of HPS Gases, added, “We are happy and proud to be associated with one of the leading industrial gases companies in the world. This association will strengthen our position and help up grow as an organisation.”