Linde India bought 1.13 crore shares or a 26% stake in Avaada MHYavat for Rs 11.40 crore to support the purchase of renewable energy under the captive mechanism resulting in lower tariffs and cost savings.
In December 2021, the board of directors had approved a proposal for a total capital expenditure of Rs 28.70 crore for the procurement of renewable energy for the merchant marine Air Separation Units owned and operated by Linde India in Taloja in Maharashtra and Dahej in Gujarat and the air separation plant under construction in Sri City in Andhra Pradesh.
The company plans to enter into joint venture agreements (JV agreements) with the identified solar power generation companies through the Special Purpose Vehicles (SPVs) that will be set up in due course to enable self-consumers of the power.