Discount Investment Corp. Ltd, a Tel Aviv-based investment company and subsidiary of IDB Development Corp. Ltd, has announced it is to purchase a 50.02 percent stake of Maxima Air Separation Centre, the share currently owned by Praxair Inc.

The purchase into the Israeli industrial gases company will be bought in accordance with the overall company value at a cost of $47.9m and takes Discount Investment's total stake in the company to around 74 percent.

Maxima manufactures gases for the industrial, food production and healthcare sectors and is one of the largest Israeli company's of its kind, with US industrial gas production company Praxair currently owning the stake Discount Investment's has agreed to buy.