Linde India secures LOA from Steel Authority of India for oxygen supply

Linde India has been awarded a Letter of Acceptance (LoA) dated August 25, 2023 by Steel Authority of India (SAIL) for the installation of a 1000 tons per day cryogenic oxygen plant on a Construct, Operate, and Maintain (COM) basis for a period of 20 years from the date of commissioning of the plant and ancillary facilities, with the option to renew for an additional 5 years on a mutual agreement basis at SAIL’s plant in Rourkela.

Furthermore, the business told bourses on August 22, 2023 that it has received a ‘Letter of Acceptance’ from Indian Oil Corporation Limited (IOCL). The LoA is related to the job-work contract for establishing the Air Separation Unit (ASU) on an IOCL-licensed site inside the Panipat Refinery Complex for the production and delivery of instrument air, plant air, and cryogenic nitrogen to the IOCL Panipat Refinery Expansion Project (P25).

Linde India will sign into the necessary agreements with IOCL to operate and maintain the facility for a period of 20 years from the first delivery date when the construction and performance testing of the aforementioned ASU is completed. According to the press release, Linde India aims to cover the capital expenditure using its own cash and internal accruals.

Linde India is engaged in the manufacturing of industrial gases and undertaking engineering projects. The share is currently trading at Rs 6008.00, up by 91.60 points or 1.55% from its previous closing of Rs 5916.40 on the BSE. The scrip opened at Rs 6030.05 and has touched a high and low of Rs 6141.40 and Rs 5965.15 respectively. So far 4809 shares have been traded on the counter.

The BSE group ‘A’ stock of face value of Rs 10 has touched a 52-week high of Rs 6164.65 and a 52-week low of Rs 2932.85. Last one week high and low of the scrip stood at Rs 6164.65 and Rs 5010.05 respectively. The current market cap of the company is Rs 51169.68 crore. The promoters holding in the company stood at 75.00%, while Institutions and Non-Institutions held 10.61% and 14.38% respectively.

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