Kolkata/IBNS Linde India has signed a Business Transfer Agreement on Tuesday with HPS Gases Ltd, Vadodara to acquire its entire packaged gases business along with certain distribution assets with effect from 1 November 2021 for an aggregate cash consideration of Rs275 million, the company said in a statement.
As a part of this acquisition, the Company will enter into other agreements with HPS Gases Ltd such as Asset Purchase Agreement, Non-Compete Agreement and Agreement for Product Supply and Purchase.
In line with these agreements, Linde India will supply liquid products to HPS Gases Ltd. and purchase gases in packaged and mini bulk from HPS Gases Ltd. under a long-term contract with them.
HPS Gases Ltd. (part of the privately held SKY Oxygen group) is one of the oldest and reputed Industrial Gas players in Western India since1988.
After signing the agreement, Abhijit Banerjee, MD of Linde India, shared that “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.”
"We are happy and proud to be associated with one of the leading Industrial Gases companies of the world. This association will strengthen our position and help us grow as an organization,” said Abhishek Gangwal, MD at HPS Gases Ltd.