Linde India signs Rs 111.20 crore Airtech gas acquisition

Linde India signed an agreement on 13 November 2026 to acquire 100% of Airtech Cryogenic Gases Private Limited for estimated cash consideration of Rs 111.20 crore, subject to closing and other adjustments. The target reported turnover of Rs 28.9995 crore for the year ended 31 March 2026 and operates an air-separation unit in Dholka, Gujarat.

What has Linde India agreed to acquire?

Linde India has agreed to acquire all shares of Airtech under a Share Purchase Agreement signed with Airtech’s shareholders on 13 November 2026. Linde India’s board approved the 100% purchase at its meeting on that date, and Airtech is expected to become a wholly owned subsidiary only after conditions precedent are met and the transaction completes.

Airtech was incorporated on 10 April 2023 and manufactures, sells and distributes industrial and medical cryogenic gases. Its disclosed operating asset is an air-separation unit at Dholka, Gujarat. The filing identifies Airtech’s country presence as India and does not identify any other production site, country operation or business line.

Linde India said the proposed acquisition is not a related-party transaction. The 13 November 2026 filing states that neither Linde India’s promoter, promoter group nor group companies has an interest in Airtech. It also states that no governmental or regulatory approvals are required, while separately confirming that contractual conditions precedent remain before closing.

How much will Linde India pay for Airtech?

Linde India estimates the acquisition cost at Rs 111.20 crore, payable in cash rather than through a share swap. The amount is subject to closing and other adjustments, meaning the disclosed figure is an estimate and not a final confirmed payment. The announcement does not specify the adjustment mechanisms, sellers’ names or Airtech’s total number of shares.

The Rs 111.20 crore consideration covers 100% of Airtech’s shares, giving Linde India full ownership and control if the transaction completes. Linde India disclosed an indicative completion period of eight weeks from 13 November 2026. Signing the Share Purchase Agreement does not itself make Airtech a subsidiary, because completion depends on fulfilment of the agreement’s conditions precedent.

Airtech’s disclosed turnover moved from nil in the year ended 31 March 2024 to Rs 4.58 lakh in the year ended 31 March 2025, then to Rs 28.9995 crore in the year ended 31 March 2026. The transaction annexure also describes the Rs 28.9995 crore amount as turnover from nine months of operation. Linde India did not disclose Airtech’s profit, borrowings, net assets, production capacity or valuation multiple.

What business will Linde India add through Airtech?

Linde India will add Airtech’s industrial and medical cryogenic gases activities through the proposed 100% acquisition. Airtech’s stated operations cover manufacturing, sales and distribution, and its Dholka, Gujarat air-separation unit is the only facility specifically identified in the filing. Linde India said the transaction is intended to strengthen its core business, scale and growth.

Airtech’s reported turnover history shows a short operating record following its 10 April 2023 incorporation. Turnover was nil for the year ended 31 March 2024, rose to Rs 4.58 lakh for the year ended 31 March 2025 and reached Rs 28.9995 crore for the year ended 31 March 2026. The filing does not split this turnover between industrial gases and medical gases.

The disclosed India-only presence and the Dholka facility define the geographic information available for this transaction. Linde India has not disclosed plans for additional air-separation capacity, expansion at Dholka, supply contracts, customer categories, employee arrangements or a post-completion integration timetable. Those matters are not detailed in the 13 November 2026 announcement.

What conditions remain before the Airtech deal closes?

Linde India says the acquisition remains conditional on fulfilment of conditions precedent under the Share Purchase Agreement, with completion indicated within eight weeks of 13 November 2026. The company has not disclosed the content of those conditions. The filing therefore establishes that conditions remain but does not identify whether they are commercial, operational, contractual or of another kind.

No governmental or regulatory approvals are required, according to the transaction details filed on 13 November 2026. That disclosure is distinct from the contractual conditions precedent: no required approval does not mean the acquisition has closed. Airtech becomes Linde India’s wholly owned subsidiary only after the parties satisfy the stated conditions and complete the transaction under the agreement.

Linde India made the announcement under Regulation 30 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015. The filing also cites the Securities and Exchange Board of India Master Circular dated 30 January 2026. It provides no revised consideration, fixed closing date or confirmation of completion beyond the eight-week indicative period.

How does Airtech’s turnover compare across its reported years?

Airtech reported nil turnover for the year ended 31 March 2024, Rs 4.58 lakh for the year ended 31 March 2025 and Rs 28.9995 crore for the year ended 31 March 2026. This is the only three-year financial comparison provided in the transaction disclosure. The reported change shows that the company’s turnover increased sharply in its latest disclosed period after a minimal level in the preceding year.

The Rs 28.9995 crore figure is also described in the annexure as turnover from nine months of operation, while the same disclosure lists it against 31 March 2026. Linde India provides no explanation for this description and does not disclose comparable profit or cash-flow figures. As a result, the announcement supports a turnover comparison but not an assessment of Airtech’s earnings or financial position.

Conclusion

Linde India’s proposed all-cash purchase would give it full ownership of Airtech, an Indian industrial and medical cryogenic gases company with an air-separation unit in Dholka, Gujarat. The announced Rs 111.20 crore estimated consideration accompanies turnover reported at Rs 28.9995 crore for the year ended 31 March 2026, compared with Rs 4.58 lakh a year earlier.

The next disclosed milestone is completion within the indicated eight-week period after 13 November 2026, subject to the Share Purchase Agreement’s conditions precedent. The filing leaves the conditions, final consideration after adjustments and integration plan unresolved, so a completion announcement would be the next confirmation that Airtech has become Linde India’s wholly owned subsidiary.