inde India recently announced that it has signed a business transfer agreement to acquire the packaged gases business and distribution assets of HPS Gases, one of Western India’s largest industrial gases companies.
The transaction is valued at Rs.275 million, an official statement informed.
As a part of this acquisition, the company will enter into other agreements with HPS Gases. 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 and purchase gases in packaged and mini bulk form from it under a long-term contract.
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.”