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Linde India Ltd

BSE Code : 523457 | NSE Symbol : LINDEINDIA | ISIN:INE473A01011| SECTOR : Chemicals |

NSE BSE
 
SMC up arrow

2,508.25

27.95 (1.13%) Volume 280564

30-Nov-2021 EOD

Prev. Close

2,480.30

Open Price

2,480.30

Bid Price (QTY)

2,508.25(2775)

Offer Price (QTY)

0.00(0)

 

Today’s High/Low 2,566.80 - 2,414.45

52 wk High/Low 2,945.00 - 879.90

Key Stats

MARKET CAP (RS CR) 21325.97
P/E 82.34
BOOK VALUE (RS) 299.3235225
DIV (%) 30
MARKET LOT 1
EPS (TTM) 30.37
PRICE/BOOK 8.35450544986821
DIV YIELD.(%) 0.12
FACE VALUE (RS) 10
DELIVERABLES (%) 11.79
4

News & Announcements

17-Nov-2021

Linde India Ltd - Linde India Limited - Updates

15-Nov-2021

Linde India Ltd - Linde India Limited - Outcome of Board Meeting

13-Nov-2021

Linde India consolidated net profit rises 79.45% in the September 2021 quarter

02-Nov-2021

Linde India Ltd - Linde India Limited - Updates

30-Oct-2021

Linde India to discuss results

01-Oct-2021

Board of Linde India approves setting up 250 tpd merchant air separation unit at Dahej

04-Aug-2021

Linde India to declare Quarterly Result

03-Aug-2021

Linde India to acquire Vadodara based HPS Gases

Corporate Actions

Bonus
Splits
Dividends
Rights
Capital Structure
Book Closure
Board Meeting
AGM
EGM
 

Financials

Income Statement

Standalone
Consolidated
 

Peers Comparsion

Select Company Name BSE Code NSE Symbol
A-1 Acid Ltd 542012
Aarti Industries Ltd 524208 AARTIIND
Aarti Surfactants Ltd 543210 AARTISURF
Absolute Aromatics Ltd 40209
Aditya Info-Soft Ltd 530693
Advanced Enzyme Technologies Ltd 540025 ADVENZYMES
Akzo Nobel Chemicals (India) Ltd 500082 CENTAKCHEM
Alang Industrial Gases Ltd 531517
Alkali Metals Ltd 533029 ALKALI
Alkyl Amines Chemicals Ltd 506767 ALKYLAMINE
Allied Resins & Chemicals Ltd(merged) 524538 ALLIEDRES
Alufluoride Ltd 524634
Ambani Organics Ltd 535097 AMBANIORG
Amex Carbonates & Chemicals Ltd 531321
Amines & Plasticizers Ltd 506248
Aminex Chemicals Ltd (Wound-up) 524386
Amit Alcohol & Carbon Dioxide Ltd (Merged) 506904
Anan Drug & Chem Ltd 531999
Andhra Petrochemicals Ltd 500012 ANDHRAPET
Anjana Explosives Ltd 40329
Archit Organosys Ltd 524640
Arvin Liquid Gases Ltd 523404
Ashok Alco-Chem Ltd 524594 ASHOKALCO
Asian Petroproducts & Exports Ltd 524434
Asiatic Oxygen Ltd 40030
Avikem Resins Ltd 523784
B L Industries (India) Ltd 530637
Balaji Amines Ltd 530999 BALAMINES
Barium Chemcials Ltd 506275
Baroda Carbons Ltd 523527
BASF India Ltd 500042 BASF
Benzo Petro International Ltd 524737
Benzo Petrochemicals Ltd (Wound Up) 524196
Bhagawati Gas Ltd 500051 BAGWATIGAS
Bhagawati Oxygen Ltd 509449
Bhuruka Gases Ltd 509728
Bhuvan Tripura Industries Ltd 524725
Binaca Synthetic Resins Ltd 514344
Borax Morarji Ltd(Merged) 506315
Burmah Petro Products Ltd 40310
C J Gelatine Products Ltd 507515
Cabot India Ltd 506700 CABOTINDIA
Camlin Fine Sciences Ltd 532834 CAMLINFINE
Canvay Chemicals Ltd 531535
Caprolactam Chemicals Ltd 507486
Carbon & Chemicals India Ltd (Merged) 505813
Castrol India Ltd 500870 CASTROLIND
Cellulose Products of India Ltd 506345
Chembond Chemicals Ltd 530871 CHEMBOND
Chemcon Speciality Chemicals Ltd 543233 CHEMCON
Chemcrux Enterprises Ltd 540395
Chemfab Alkalis Ltd 541269 CHEMFAB
Chemiesynth (Vapi) Ltd 539230
Chemplast Sanmar Ltd 543336 CHEMPLASTS
Chimique Laboratories (India) Ltd 40300
Ciba India Ltd(merged) 532184 CIBASPEC
Cilson Organics Ltd 532147
Citric India Ltd 506370
Citurgia Biochemicals Ltd 506373 CITURGIBIO
Clariant (India) Ltd(merged) 500373 CLARIANT
Clariant Chemicals (India) Ltd 506390 CLNINDIA
Clarisis Organics Ltd 524806
Claro India Ltd 524366
Clean Science & Technology Ltd 543318 CLEAN
Cochin Minerals & Rutile Ltd 513353
Continental Petroleums Ltd 523232
Core Organics Ltd 524466
Crestchem Ltd 526269
Dai-ichi Karkaria Ltd 526821 DAICHIKARK
Deccan Petroleums Ltd 526375
Deepak Fertilizers & Petrochemicals Corp Ltd 500645 DEEPAKFERT
Deepak Nitrite Ltd 506401 DEEPAKNTR
Dharamsi Morarji Chemicals Co Ltd 506405 DHARAMSI
Diamines & Chemicals Ltd 500120
DIC India Ltd 500089 DICIND
Diviya Chemicals Ltd 506810
Doctors Biotech India Ltd 512079
Dujodwala Paper Chemicals Ltd 524276
Eiko Lifesciences Ltd 540204
Elantas Beck India Ltd 500123 DRBECK
Ellenbarrie Industrial Gases Ltd 590087
Emmessar Biotech & Nutrition Ltd 524768
EPIC Enzymes Pharma & Industrial Chemicals Ltd 524374
Evexia Lifecare Ltd 524444
Excel Industries Ltd 500650 EXCELINDUS
Fairchem Organics Ltd 543252 FAIRCHEMOR
Ficom Organics Ltd(merged) 506443 FICOMORGAN
Fine Organic Industries Ltd 541557 FINEORG
Fineotex Chemical Ltd 533333 FCL
Fischer Chemic Ltd 524743
Foseco India Ltd 500150 FOSECOIND
Futuristic Offshore Services and Chemical Ltd 500154 GANESHANHY
Gagan Gases Ltd 524624
Galaxy Oleo-Chem (India) Ltd 40207
Ganesh Benzoplast Ltd 500153 GANESHBE
GBL Industries Ltd 539009
GHCL Ltd 500171 GHCL
Glory Chemicals Ltd 531532
Goa Carbon Ltd 509567 GOACARBON
GOCL Corporation Ltd 506480 GOCLCORP
Godrej Industries Ltd 500164 GODREJIND
Goiex Michio Sudo Ltd 507978
GOM Industries Ltd 523802
Goodearth Industries Ltd 526929
Goodearth Organic (India) Ltd [Wound-up] 524300
Govind Poy Oxygen Ltd 509586
GP Petroleums Ltd 532543 GULFPETRO
Grauer & Weil (India) Ltd 505710 GRAUWEIL
Gresoil (India) Ltd 530483
Gujarat Carbon & Industries Ltd 506457
Gujarat Fluorochemicals Ltd 542812 FLUOROCHEM
Gujarat Indo-Lube Ltd 523552
Gujarat Oiland Industries Ltd (Wound Up) 507866
Gujarat Organics Ltd 501368
Gujarat Speciality Lubes Ltd 523880
Gujchem Distillers India Ltd 506640
Gulf Oil India Ltd - Merged 511026 GULFOIL
Gulf Oil Lubricants India Ltd 538567 GULFOILLUB
Gulshan Polyols Ltd 532457 GULPOLY
Gulshan Sugars & Chemicals Ltd(merged) 524184
Haryana Leather Chemicals Ltd 524080
Hemo Organic Ltd 524590
Hico Products Ltd 506461
Hilltone Industrial Gases Ltd 40441
Himadri Speciality Chemical Ltd 500184 HSCL
Hindcon Chemicals Ltd 535053 HINDCON
Hindustan Industrial Chemicals Ltd 524679 HINDINDCHM
Hindustan Organic Chemicals Ltd 500449 HOCL
Hindustan Oxygen Gas Ltd 509660
Hubergroup India Pvt Ltd 523886 MICRO
I G Petrochemicals Ltd 500199 IGPL
IBP Co. Ltd(merged) 500198 IBP
Iccon Oil & Specialities Ltd 523766
India Carbon Ltd 40012
India Gelatine & Chemicals Ltd 531253
India Glycols Ltd 500201 INDIAGLYCO
Indian Electro Chemicals Ltd 506490
Indo Amines Ltd 524648
Indo Borax & Chemicals Ltd 524342
Indo Gulf Industries Ltd 506945
Indo Vanillon Chemicals Ltd 531267
Indu Nissan Oxo Chemicals Industries Ltd 500208 INDUNISSAN
Inox Air Products Pvt Ltd 526534 INDOXYGEN
Insilco Ltd 500211 INSILCO
Iota Chemiculture Ltd(Liquidated) 524630
IVP Ltd 507580 IVP
J F Laboratories Ltd 523804 JFLABS
J.R. Organics Ltd 506650
Jay Agrochem Ltd (Wound Up) 513504
Jayant Agro Organics Ltd 524330 JAYAGROGN
Jocil Ltd 500561 JOCIL
Jubilant Industries Ltd 533320 JUBLINDS
Jubilant Ingrevia Ltd 543271 JUBLINGREA
Jyoti Resins and Adhesives Ltd 514448
K P Gelatines & Chemicals India Ltd (Wound-up) 524741
Kamar Chemicals & Industries Ltd 531001
Kanchi Karpooram Ltd 538896
Kanva Hydro Chem Ltd 524685
Karnataka Chemical Industries Corp Ltd 530105
Karnav Leather Chemicals Ltd 524432
Keltech Energies Ltd 506528
Kesar Petroproducts Ltd 524174
Kilburn Chemicals Ltd 524699
Kings India Chemicals Corporation Ltd 524214
Kobo Biotech Ltd 531541
Kothari Polymers Ltd 40360
Krishna Plastochem Ltd (Wound Up) 524254
Laffans Petrochemicals Ltd 524522
Laxmi Organic Industries Ltd 543277 LXCHEM
Lime Chemicals Ltd 507759
Link Pharma Chem Ltd 524748
Lords Chemicals Ltd 530039
M.P. Carbide & Chemicals Ltd 506925
Madras Petrochem Ltd 500261
Maha Chemicals Ltd (Wound-up) 524556
Maharashtra Explosives Ltd (Wound-up) 506871
Maharashtra Polybutenes Ltd 524232
Mangalam Organics Ltd 514418 MANORG
Mark Omega Organic Industries Ltd 524681
Maruti Industrial Carbohydrates Ltd 524814
Maruti Organics Ltd 524402 MARUTIORNG
Master Chemicals Ltd 506867
Mehta Rubber Chemcials Ltd 526536
Mehta Sulfites (India) Ltd 530029
mk Aromatics Ltd 531011
Motorol (I) Ltd 508965 MOTOROL
Motorol Enterprises Ltd 523049 RINKIPETRO
Motorol Speciality Oils Ltd 506954
MTZ Industries Ltd 500275 METAZINC
Murablack India Ltd 523578 MURABLACK
Nacro Chemicals Ltd 524350
Nariman Point Chemical Industries Ltd 524224
Narmada Gelatines Ltd 526739 SHAWGELTIN
National Oxygen Ltd 507813 NOL
National Peroxide Ltd 500298 NATPEROXID
Navin Fluorine International Limited 532504 NAVINFLUOR
Neogen Chemicals Ltd 542665 NEOGEN
Newton Engineering & Chemicals Ltd 524474
Nikhil Adhesives Ltd 526159
Niraj Petrochemicals Ltd 500454 NIRAJPETRO
Nitta Gelatin India Ltd 506532 KERALACHEM
NLC Nalco India Ltd 524101 NALCOCHEM
Noble Explochem Ltd 506991
NOCIL Ltd 500730 NOCIL
Nova Chemie (India) Ltd 40188
Ojas Technochem Products Ltd(wound-up) 526427
Omkar Pharmachem Ltd 532167
Omkar Speciality Chemicals Ltd 533317 OMKARCHEM
Organic Coatings Ltd 531157
Orient Organics Ltd 524766
Oriental Aromatics Ltd 500078 OAL
Oriental Carbon & Chemicals Ltd 506579 OCCL
Orissaa Organics Ltd 524392
Oswali Chemicals Ltd 506916
Padmanabh Industries Ltd 526905
Paintex Chemicals (Bombay) Ltd 524178
Paschim Petrochem Ltd 531005
Pentasia Chemicals Ltd (Merged) 507739
Pentokey Organy (India) Ltd 524210
Phillips Carbon Black Ltd 506590 PHILIPCARB
Pidilite Industries Ltd 500331 PIDILITIND
Pinky Chemicals Ltd 524671
Plastiblends India Ltd 523648 PLASTIBLEN
POCL Enterprises Ltd 539195
Poddar Pigments Ltd 524570 PODDARMENT
Polyolefins Industries Ltd (Merged) 506610
Pondy Oxides & Chemicals Ltd 532626 PONDYOXIDE
Premier Explosives Ltd 526247 PREMEXPLN
Privi Speciality Chemicals Ltd 530117 PRIVISCL
Prolife Industries Ltd 538392 PROLIFE
Protchem Industries (India) Ltd 524117
Punjab Chemicals & Crop Protection Ltd 506618 PUNJABCHEM
Rain Calcining Ltd(merged) 532153 RAINCALCIN
Rathi India Ltd 506959
Refex Industries Ltd 532884 REFEX
Refnol Resins & Chemicals Ltd 530815
Rencal Chemicals (India) Ltd 524510
Resonance Specialities Ltd 524218
Revati Organics Ltd 524504
Rhodia Specialty Chemicals India Ltd(Merged) 506230 ALBRMORARJ
Ritesh International Ltd 519097
Rock Hard Petro Chemical Industries Ltd 524194
Rossari Biotech Ltd 543213 ROSSARI
Rukmani Metals & Gaseous Ltd 40695
S H Kelkar & Company Ltd 539450 SHK
S K R Chemicals Ltd 530371
Salvigor Laboratories Ltd (Merged) 524268
Sanderson Industries Ltd 507728 SANDERIND
Sanginita Chemicals Ltd 538408 SANGINITA
Sarang Chemicals Ltd 532031
Searsole Chemicals Ltd (Wound-up) 506644
Seya Industries Ltd 524324 SEYAIND
Shaba Chemicals Ltd 524546
Shaper Chemicals Ltd (Wound-up) 524566
Shayona Petrochem Ltd 531538
Shentracon Chemicals Ltd 530757
Shree Benzophen Industries Ltd 531389
Shree Neelachal Laboratories Ltd 531487
Shri Ambuja Petro Chemicals Ltd 506742
Shri Aster Silicates Ltd 533219 SHRIASTER
Shri Nicosect Ltd 526437
SI Group - India Ltd 506460 SIGROUPIND
Sigachi Industries Ltd 543389 SIGACHI
SMZS Chemicals Ltd(wound-up) 524160 SMZSCHEM
Solar Industries India Ltd 532725 SOLARINDS
Sonal Sil Chem Ltd 524673
Southern Gas Ltd 509910
Speciality Petrolubes Ltd 523525
Sree Rayalaseema Hi-Strength Hypo Ltd 532842 SRHHYPOLTD
Sree Rayalaseema Petrochemicals Ltd (Merged) 524618
Sreechem Resins Ltd 514248
SRF Ltd 503806 SRF
SRHHL Industries Ltd (Merged) 524410 SRHHLINDST
Sterling Biotech Ltd 512299 STERLINBIO
Sudev Chemicals Ltd 40666
Sun Star Chemicals Ltd 524536 SUNSTRCHEM
Sunshield Chemicals Ltd 530845
Sunstar Lubricants Ltd 524452 SUNSTARLUB
Superior Air Products Ltd (Merged) 526469
Swarnajyothi Agrotech & Power Ltd 590090
Tamil Nadu Industrial Explosives Ltd 524028
Tamil Nadu Petro Products Ltd 500777 TNPETRO
Tanfac Industries Ltd 506854 TANFACIND
Tata Chemicals Ltd 500770 TATACHEM
Tatva Chintan Pharma Chem Ltd 543321 TATVA
TCM Ltd 524156
TECIL Chemical & Hydro Power Ltd 506680 TECILCHEM
Tetrahedron Ltd 40308
Thirani Chemicals Ltd (Merged) 524125
Thirumalai Chemicals Ltd 500412 TIRUMALCHM
Tide Water Oil Co (I) Ltd 590005 TIDEWATER
Tirupati Inks Ltd 533258
Transpek Industry Ltd 506687 TRANSPEK
Tria Fine Chem Ltd 524721
Tribology India Ltd 40171
Trigon Zinco Ltd 530287
Tulasee Bio-Ethanol Ltd 524514
Tyche Industries Ltd 532384
U P Lime Chem Ltd 524677
Unique Oils India Ltd 523250
Urvi Chemicals & Allied Industries Ltd 501371
Vadilal Chemicals Ltd 40485
Vadivarhe Speciality Chemicals Ltd 538429 VSCL
Valiant Organics Ltd 540145 VALIANTORG
Vasundhara Rasayans Ltd 538634
VBC Industries Ltd 524310
Vibros Organics Ltd 530487
Vijayshree Chemicals (India) Ltd 524312
Vikas Wsp Ltd 519307 VIKASWSP
Vinati Organics Ltd 524200 VINATIORGA
Vishnu Chemicals Ltd 516072 VISHNU
Vision Organics Ltd 532383 VISIONLTD
Yasho Industries Ltd 541167

Share Holding

Category No. of shares Percentage
Total Foreign 2271101 2.66
Total Institutions 7449839 8.74
Total Govt Holding 29 0.00
Total Non Promoter Corporate Holding 455896 0.54
Total Promoters 63963167 75.00
Total Public & others 11164917 13.09
Total 85284223 100
  • Total Foreign
  • Total Institutions
  • Total Govt Holding
  • Total Non Promoter Corporate Holding
  • Total Promoters
  • Total Public & others

About Linde India Ltd

Linde India Ltd is a leading supplier of gases and related products and services in India. The company is primarily engaged in manufacture of industrial and medical gases and construction of cryogenic and non-cryogenic air separation plants. Linde India Ltd was incorporated in January 24th, 1935 with the name Indian Oxygen and Acetylene Company. The company was promoted by BOC Group UK, as a private limited company. The company was converted into a public limited company in January 1958. In the year 1989, the company name was changed into Indian Oxygen Ltd and in February 1995, the company got their present name BOC India Ltd. In September 1, 1998, the company commissioned the plant at Jamshedpur in Jharkhand. In February 2001, the company entered into a strategic alliance with Bharat Petroleum Corporation (BPCL) for distribution of Liquefied Petroleum Gas (LPG). The company's Contracts Division has successfully designed and commissioned a pilot Helium recovery Plant at Bakreshwar in West Bengal, to extract Helium from geo-thermal springs. In August 1, 2003, the company commissioned 225 tpd Air Separation Unit at Jamshedpur for meeting the additional gases requirement of Tata Steel. During the year 2004-05, two prestigious projects viz 2x55 tpd Vaccum Pressure Swing Adsorption plants for Kochi Refineries and compressed air facilities for National Aerospace Laboratory were commissioned. In August 2004, a new world-class compression facility was commissioned at Bangalore in Karnataka. In November 2004, the company entered into a long-term gas supply agreement with Jindal Vijaynagar Steel Limited (JVSL) for supply of gaseous oxygen and nitrogen to them under a 15-year supply contract. A New liquid compression plant at Taloja Special Gases site has been commissioned in February 2005. In March 2006, the company commissioned their new state of the art 65 tpd Air Separation Unit at Medak near Hyderabad. In June 2006, the company has signed a long-term gas supply contract with JSW Steel Ltd for supply of over 3,000 tonnes per day of gaseous oxygen, nitrogen and argon. For this purpose, the company is setting up an onsite Air Separation Unit at JSW steel works at Bellary in Karnataka. In addition, the plant will also produce liquid products to meet the growing demand from customers in Southern India. In September 2006, the Linde AG acquires the ownership of The BOC Group plc, UK, the holding company under the scheme of arrangement approved by the courts in UK. In August 2007, the company has singed a contract with GKN Sinter Metals Ltd for supply 420 Nm3 of nitrogen per hour to their Works at Pimpri, Pune for which the company is in the process of installing an onsite nitrogen generator at their Pimpri Works. They also signed a contract with Electrosteel Castings Ltd for supply of 35 tons per day of oxygen to their Works at Khardah in Kolkata, for which the company is in the process of installing an onsite oxygen generator at their Khardah Works. In October 2007, the company's Project Engineering Division has won two contracts from Steel Authority of India Ltd (SAIL) aggregating to Rs 318 crore for setting up of two Air Separation Units at their units namely Rourkela Steel Plant and IISCO Steel Plant. In May 2008, the company has commenced their production in Air Separation Unit at the Rourkela steel works of Adhunik Metaliks Ltd., which has the capacity of 100 tonnes per day. The company is in the process of setting up a merchant Air Separation Unit in the State of Himachal Pradesh as a part of their growth strategy to penetrate the markets in North India. The Air Separation Unit is expected to be commissioned in mid 2009. During the year 2012, the Company entered into an agreement for taking over the assets and gases business of Uttam Gases, comprising Uttam Air Products and Uttam Special Gases, one of the prominent players in the healthcare segment in North India. During the year, the project engineering division successfully commissioned a 2550 tonnes per day ASU at Jamshedpur for supply of gases to Tata Steel pursuant to a long-term contract with them. This plant is the largest ASU in India and is also the largest ASU of the Linde Group in South and East Asia. The division also commissioned a merchant ASU at Taloja having capacity of 450 tonnes per day of merchant products and a 1270 NM3 per hour VPSA Oxygen Plant for Vishnu Chemicals at Vizag for the Gases Division of the Company. The Members are aware that pursuant to the special resolution passed by them through postal ballot and e-voting on 6 February 2013 and consequent upon the approval of the Central Government, the name of the Company was changed from BOC India Limited' to Linde India Limited' as per the fresh Certificate of Incorporation issued by the Registrar of Companies, West Bengal with effect from 18 February 2013. During the year 2013, the Project Engineering Division executed several projects involving air separation plants, nitrogen plants, Pressure Reducing Stations (PRS), Compressor Air Stations in steel industry both in public and private sectors, including in overseas markets. The highlights of the Division's overseas performance was the successful supply of a 2000 tpd ASU to PT Linde Indonesia at Cilegon, Indonesia which was commissioned during the year for supply of gases to POSCO Steel works. This project was the division's first large export order, which was executed in a seamless manner along with Linde Engineering, Munich. Besides, PED has also commissioned a 64 tpd Air Separation Unit for Ceylon Oxygen Ltd. at Colombo in Sri Lanka. In the Indian markets, PED commissioned a Compressed Air System Project at SAIL - Bokaro, Nitrogen Plant Augmentation Projects at HPCL, Vizag, HPCL, Mumbai. Other than these projects, the Division has also completed execution of nitrogen plant at MRPL, Mangalore and BPCL, Dibrugarh. Besides, several nitrogen plant projects like ONGC Petro, Dahej and GAIL Pata, etc., are at different stages of execution. The Division has maintained its leadership in cryogenic nitrogen plants as well as hydrogen Pressure Swing Adsorption (PSA) plants. Commissioning activities have also started for 600 tpd Air Separation Plant at Bhushan Power and Steel, Rengali, Odisha. Besides, the Division is also constructing 2 x 1250 tpd ASU for NMDC, a 220-tpd oxygen plant for Abul Khair Steel Melting Ltd, Bangladesh, a 1000 tpd ASU for Bhushan Steel at Meramandali in Odisha. The execution of these and several other projects is progressing well. During the year 2014, the Project Engineering Division has expanded its global reach during the year with a number of export orders under execution including nitrogen generator revamp for PT. Indo Rama Ventures (Indonesia), liquid nitrogen plant sale (UNIT 50) to Medipharm East Africa Ltd. (Nairobi). The division also managed to recover fixed costs by providing engineering supervision and commissioning services to Linde Engineering Taiwan. During the year 2014, the Company commissioned its 2X853 tpd ASUs at SAIL Rourkela works. The Hyderabad 65 tpd ASU was not operational following an optimisation programme with product being outsourced from other plants. During the year 2014, the Company created differentiation in its product and service offerings by launch of 230 bar oxygen and argon cylinders in key market zones such as Bangalore, Pune and Dahej. During the year 2016, the Project Engineering Division (PED) completed major portion of the supplies for a captive 2200 tpd ASU for JSW Steel at Dolvi, which is expected to be commissioned by early 2018. The Division is in final stages of executing the ASU project at Rupganj for Linde Bangladesh Ltd. The strategic development for the Company during the year 2018 was the successful completion of the business combination between Linde AG, the ultimate holding company of the Company with Praxair, Inc. on 31 October 2018. In this respect, a legally binding Business Combination Agreement had been signed between Linde AG and Praxair, Inc. on 1 June 2017. With completion of the global merger on 31 October 2018, Linde pic, a company incorporated in Ireland has become the new holding company of both Linde AG and Praxair, Inc. and as such Linde pic is now the new ultimate holding company of your Company. During the year, as part of the approval process from various anti-trust authorities across the globe for the aforesaid business combination, Linde AG and Praxair, Inc. had in January 2018 applied to the Competition Commission of India (CCI) seeking approval for the business combination in India, pursuant to which, the CCI issued its clearance letter dated 7 September 2018 to Linde AG and Praxair, Inc. approving the proposed business combination between Linde AG and Praxair, Inc. subject to divestment of certain assets controlled by them in India. Accordingly, the Company is required to make divestiture of JSW-2 1800 tpd ASU situated at Bellary, the Company's 50% shareholding in Bellary Oxygen Company Pvt. Ltd., Hyderabad Cylinder Tilling Station (excluding the Nitrous Oxide facility) and the Chennai Cylinder Tilling Station as a part of the divestment mandated by the CCI. The Board after detailed deliberations in this regard and after considering potential benefits of the business combination and the various legal implications thereof, subject to shareholders' approval pursuant to Section 180(1) (a) of the Companies Act, 2013, granted it's in principle approval for the divestment of the aforesaid assets and also appointed an independent financial advisor for assisting Linde India in execution and carve out of the aforesaid divestment assets within the timeline set out in the CCI order. During the year 2018, the original long-term gas supply contract with Tata Steel in respect of the 1290 tonnes per day air separation unit at the customer's steel works in Jamshedpur was renewed for a further period of 10 years with effect from 1 July 2018. During the year 2018, the Company took appropriate action on war footing to carry out repair of the equipments as well as replacement of the Booster Air Compressor of the Air Separation Units (ASU) in the gases and related product segments. During the year under review, barring the breakdown of the aforesaid ASU, most of the onsite plants performed well with specific power as per or better than the plan and achieved reliability of nearly 99%. During the year 2018, the Company launched Linde's patented LIV cylinders for medical oxygen in select cities, which is getting very good response in the markets. The Company has also launched ENTONOX - an anesthetics gas, which is very useful during natural childbirth and also short-term pain relief in a range of medical procedures. During the year 2018, the Company implemented several measures to improve efficiency of the distribution function such as phasing out of low capacity tankers, introduction of 7KL tankers with flow meter for medical supplies, with the aim of reducing cost of delivery and improving billing accuracy. During the year 2018, the Project Engineering Division (PED) division won fresh orders of over Rs. 4,000 million, which mainly include large value orders for supply of cryogenic nitrogen plants with associated IA/PA system on turnkey basis. Apart from the refineries in India, the Division was also able to get export order from a customer in Bangladesh for supplying a cryogenic oxygen plant (IMPACT 3MH model). In addition, the Division has also received an order from the refinery sector for supplying a VPSA oxygen plant. During the year 2018, the Project Engineering Division (PED) division successfully commissioned 2200 tpd ASU for JSW Steel Ltd. at their Dolvi site in Maharashtra, completed supplies for 33 tpd merchant ASU for Linde Malaysia at Bintulu and several cryogenic nitrogen plants for customers in refinery sector in India and overseas, besides, Adani Mundra Port Terminal.During the year, on 24 October 2018, pursuant to the applicable regulations of the SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 2011 as amended, The BOC Group Ltd. (The Acquirer) along with Praxair, Inc. and Linde Holdings Netherlands B.V. as persons acting in concert with the Acquirer made a public announcement for Open Offer to the public shareholders of the Company for acquisition of up to 2,13,21,056 equity shares (i.e. 25% of the paid-up share capital of the Company) held by them at an offer price of Rs. 276.09 excluding interest. The mandatory Open Offer was triggered by announcement made by Linde AG and Praxair, Inc. in connection with the merger of equals between the two companies under a new holding company, Linde pic in the year 2016. The Acquirer along with the persons acting in concert subsequently made a Detailed Public Statement to the public shareholders of the Company in terms of the SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 2011, inter alia, expressing its intention to make a voluntary delisting offer to all the public shareholders of the Company. The BOC Group Ltd. along with promoter group of the Company holding 6,39,63,167 equity shares of Rs. 10/- each aggregating to 75% of the paid-up equity share capital of the Company conveyed their intention to voluntarily delist the equity shares of the Company from the BSE Ltd. and the National Stock Exchange of India Ltd. in accordance with SEBI (Delisting of Equity Shares) Regulations, 2009. The Promoter Group's proposal for voluntary delisting offer was considered by the Board of Directors of the Company and later approved by way of a special resolution passed by the public shareholders of the Company by postal ballot. The special resolution authorized The BOC Group Ltd. to acquire up to 2,13,21,056 equity shares (i.e. 25% of the paid-up share capital of the Company) held by the public shareholders of the Company either by itself or along with any member of the promoter group as person acting in concert in accordance with the provisions of SEBI (De-listing of Equity Shares) Regulations, 2009. The public shareholders holding equity shares of the Company were invited to submit bids through a reverse book building mechanism, which commenced on 15 January and closed on 21 January 2019. Following the expiry of the bid period, the offer price discovered in terms of the SEBI Delisting Regulations was Rs. 2,025/-, which was rejected by the BOC Group Ltd. and the person acting in concert. Following this, the BOC Group Ltd. published necessary Post Offer Public Announcement for failure of the Delisting Offer and a Corrigendum to the same in newspapers for information of the shareholders of the Company. Accordingly, the Acquirer did not acquire any equity shares tendered by the public shareholders pursuant to the De-listing Offer and the equity shares of the Company continue to remain listed on the stock exchanges. In view of the failure of the voluntary delisting offer, the Open Offer process has commenced again and the Acquirer and the persons acting in concert have filed a draft letter of offer with SEBI as per regulation 5A of the SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 2011. The Acquirer would take further steps for the mandatory Open Offer under these regulations after considering comments of the SEBI in this regard. As on 31 December 2018, the company had three loan facilities by way of external commercial borrowings (ECB) aggregating to Rs. 6,277.76 million from Linde AG. The facilities were executed mainly for funding of large air separation units (ASU) at Tata Steel Jamshedpur (2,550 tpd ASU), SAIL Rourkela (2X853 tpd ASU) and Tata Steel Kalinganagar (2X1200 tpd scale plants). All the three facilities are fully drawn down and fully hedged both with regard to the principal and interest payments. During the year, the Company made principal repayment to the tune of Rs. 2,554.76 million against these ECBs. During the year, Rs. 100 million was repaid to Linde Engineering India Pvt. Ltd. resulting in a total outstanding of Rs. 2,400 million at the year-end. During the 2019,the company has completed the divestment of its South Region Divestment Business as per the business transfer agreement signed with Air Water India Pvt Ltd. The South Region Divestment Business was divested on a slump sale and 'as is where is basis' for an aggregate sale consideration of Rs 13800 million. As on 31 December 2019,the company has one joint venture company,namely Bellary Oxygen Company Pvt Ltd. During the year 2019,the company made full repayment of loan facilities by way of External Commercial Borrowings(ECBs) aggregating to Rs 6277.76 million from Linde AG through its divestment proceeds and internal accruals.The facilities were executed mainly for funding of large air separation units at Tata Steel Jamshedpur,SAIL Rourkela and Tata Steel Kalinganagar. The company also repaid two USD denominated term loan facility availed from Citibank aggregating to USD 23.28 million and Rupee term loan of Rs 600 million out of divestment proceeds from the South Region Divestment Business. The company also repaid a Rupee term loan of Rs 1000 million from Linde Engineering India Pvt Ltd in May 2020. As on 31 December 2020,the company has two joint venture companies namely Bellary Oxygen Company Pvt Ltd and Linde South Asia Services Pvt Ltd. The Board of Directors of the Company at its meeting held on 24 March 2020, approved the execution of a Joint Venture and Shareholders Agreement ('JV&SHA') with Praxair India Private Ltd. and LSAS Services Private Ltd. Pursuant to execution of the JV&SHA, your Company holds 2,000,000 equity shares in LSAS Services Private Ltd. of Rs.10 each, being 50% of the total issued and paid up equity share capital of LSAS Services Private Ltd. with the remaining 50% being held by Praxair India Private Ltd. In view of this, LSAS Services Private Ltd. became a Joint Venture Company of your Company with effect from 24 March 2020. The Board of Directors of the Company had also approved of Linde India Ltd. entering into an O&M Services Agreement with Joint Venture Company, under which, the Joint Venture Company will render Operation and Management Services to both the joint venture partners for their respective functions including Procurement, SHEQ, Human Resources, Finance, IT, Legal, Administration, Business Development, Onsite account management, Sales & Marketing, Product Management, etc. on an arms' length basis. The name of the JV company, LSAS Services Private Ltd. was changed to Linde South Asia Services Private Ltd. w.e.f. 26 August 2020. As on 31 December 2020,the company had ZERO outstanding borrowings. The approval of the shareholders for the divestment of the Belloxy Divestment Business to Inox Air Products Pvt Ltd was obtained on 20 February 2020. However, in view of Inox AP's inability to acquire the said business, the Company had informed the same to the Hon'ble Competition Commission of India, seeking extension of the 'Hold Separate arrangement' for the balance tenure of the Gas Supply Agreement up to 14 November 2021. The CCI in its response directed the Company to update it on the divestment status, while accepting the Company's proposal for extension of Hold Separate Arrangement. The Company has subsequently accepted a binding offer from JSW Steel Ltd. for purchase of the 855 tpd plant, which is pending, as it is subject to the approval of Inox AP as per the Shareholder Agreement between Linde India Ltd. and Inox Air Products Private Ltd. With a view to prevent the spread of Covid-19, countrywide lockdown was imposed by the Government of India e?ective from 25 March 2020. Several countries across the globe had to resort to similar lockdowns for extended periods resulting in a grave disruption to humanity as well as economic activities across the globe. As the lockdown in India was extended for prolonged period till 1 June 2020, the economy had to face a very challenging times with uncertainties and complexities arising out of Covid-19. The company has on 09 February 2021,sold and disposed of land and building pertaining to its closed factory(packaged gases plant) in Diamond Harbour Road, Kolkata for an aggregate consideration of Rs 300 crore.The operation of the aforesaid factory were earlier shifted to Howrah.

Linde India Ltd Chairman Speech

Dear Shareholders,

At the outset, I wish you and your families my personal best and do hope that you and your families are well, as we find ourselves in the midst of a global pandemic of unparallel proportions. The year gone by has been quite a dicult and challenging one for the humanity across the globe, and at present, more so in India, where we are navigating through the disastrous 2nd wave of the Covid-19.

While the year 2020 has been overwhelmingly challenging, I am happy to note that Linde India rose to the occasion to deliver a satisfactory financial performance. Let me briefly present the highlights of the financial performance for 2020. Your Company achieved total revenues from operations of Rs. 14,711.24 million during FY 2020 as compared to Rs. 17,617.86 million achieved in the previous year. While the Gases revenues declined by 9%, the revenues of the Project Engineering Division were lower by about 38%. The decline in the Gases revenues is mainly due to divestment of the “South Region Divestment Business” of the Company during 2019. However, the underlying gases business recorded a marginal growth of about 3%, mainly due to one-o billings to an onsite customer and higher billings from the healthcare, helium and special gases business, an incredible performance considering the economic environment. The decline in the revenues of the Project Engineering business was largely due to the nationwide lockdown announced by the Government of India in March 2020 arising from the outbreak of Covid-19, which disrupted the project execution at almost all the sites resulting in deferment of revenues. Your Company achieved earnings before interest, depreciation and amortisation (EBITDA) of Rs. 4,074.85 million for the year 2020 as compared to Rs. 4,356.54 million in the previous year. However, in view of steep reduction in interest cost from Rs. 862.50 million in FY 2019 to Rs. 62.43 million in FY 2020, the Company recorded a profit before tax (PBT) before exceptional item of Rs. 2,252.42 million, which compares very well with Rs. 1,721.50 million in the previous year. The Directors Report deals with the financial performance in more detail.

Besides the performance in financial terms, there have been several moments during these dicult times, especially the 2nd wave of Covid-19, when Linde and all its Covid heroes made each one of us proud, and forever reinforced the fact - Oxygen is Life.

The early days of the pandemic were marked by prolonged lockdowns in many parts of India in FY 2020, leading to extended periods of restrictions. As the number of Covid-19 cases started to increase, the demand for medical oxygen also increased by more than 3 times in comparison to the pre-pandemic period. During 2020, your Company relentlessly monitored the oxygen consumption pattern of each hospital and in many hospitals, proactively augmented the storage and vaporization capacity to maintain adequate stock of oxygen and to avoid risk of stock outs. Several remedial measures were adopted, which include conversion of other gas tankers to medical oxygen, addition of newer vehicles to the fleet, augmentation of tank capacity and tanker utilization to deliver more oxygen to help the country breathe.

In order to cope with the recent unprecedented surge in demand due to the 2nd wave of Covid-19, your Company ramped up the liquid medical oxygen supply to a staggering quantity of 1700 tons per day. Linde India is thankful to the Government of India, Indian Railways, Indian Air Force and several industry partners; prominent among them are Tata Group, ITC and Adani Group, who made this possible. History was created when Linde tankers were onboard the ‘Oxygen Express’ run by Indian Railways to ferry medical oxygen from its oxygen producing locations to the severely aected cities and Indian Air Force airlifted its cryogenic road tankers from Hindon Air Force Station to Panagarh Air Force Station for filling liquid oxygen at the Durgapur plant, from where the tankers returned to Delhi by road. Besides, several 20-ton ISO cryogenic containers were imported from overseas with the support of the industry partners to overcome the challenges in distribution of liquid medical oxygen from Linde’s plants to various destinations, where it was critically needed.

Fortunately, the number of new infections in India have started showing some decline and with vaccinations, I am hopeful that India will be able to overcome the situation sooner rather than later, which will help us focus our energies on the profitable growth.

I thank you all for your continued support and confidence in Linde India.

Warm regards,

R J Hughes

Chairman

16 May 2021

   

Linde India Ltd Company History

Linde India Ltd is a leading supplier of gases and related products and services in India. The company is primarily engaged in manufacture of industrial and medical gases and construction of cryogenic and non-cryogenic air separation plants. Linde India Ltd was incorporated in January 24th, 1935 with the name Indian Oxygen and Acetylene Company. The company was promoted by BOC Group UK, as a private limited company. The company was converted into a public limited company in January 1958. In the year 1989, the company name was changed into Indian Oxygen Ltd and in February 1995, the company got their present name BOC India Ltd. In September 1, 1998, the company commissioned the plant at Jamshedpur in Jharkhand. In February 2001, the company entered into a strategic alliance with Bharat Petroleum Corporation (BPCL) for distribution of Liquefied Petroleum Gas (LPG). The company's Contracts Division has successfully designed and commissioned a pilot Helium recovery Plant at Bakreshwar in West Bengal, to extract Helium from geo-thermal springs. In August 1, 2003, the company commissioned 225 tpd Air Separation Unit at Jamshedpur for meeting the additional gases requirement of Tata Steel. During the year 2004-05, two prestigious projects viz 2x55 tpd Vaccum Pressure Swing Adsorption plants for Kochi Refineries and compressed air facilities for National Aerospace Laboratory were commissioned. In August 2004, a new world-class compression facility was commissioned at Bangalore in Karnataka. In November 2004, the company entered into a long-term gas supply agreement with Jindal Vijaynagar Steel Limited (JVSL) for supply of gaseous oxygen and nitrogen to them under a 15-year supply contract. A New liquid compression plant at Taloja Special Gases site has been commissioned in February 2005. In March 2006, the company commissioned their new state of the art 65 tpd Air Separation Unit at Medak near Hyderabad. In June 2006, the company has signed a long-term gas supply contract with JSW Steel Ltd for supply of over 3,000 tonnes per day of gaseous oxygen, nitrogen and argon. For this purpose, the company is setting up an onsite Air Separation Unit at JSW steel works at Bellary in Karnataka. In addition, the plant will also produce liquid products to meet the growing demand from customers in Southern India. In September 2006, the Linde AG acquires the ownership of The BOC Group plc, UK, the holding company under the scheme of arrangement approved by the courts in UK. In August 2007, the company has singed a contract with GKN Sinter Metals Ltd for supply 420 Nm3 of nitrogen per hour to their Works at Pimpri, Pune for which the company is in the process of installing an onsite nitrogen generator at their Pimpri Works. They also signed a contract with Electrosteel Castings Ltd for supply of 35 tons per day of oxygen to their Works at Khardah in Kolkata, for which the company is in the process of installing an onsite oxygen generator at their Khardah Works. In October 2007, the company's Project Engineering Division has won two contracts from Steel Authority of India Ltd (SAIL) aggregating to Rs 318 crore for setting up of two Air Separation Units at their units namely Rourkela Steel Plant and IISCO Steel Plant. In May 2008, the company has commenced their production in Air Separation Unit at the Rourkela steel works of Adhunik Metaliks Ltd., which has the capacity of 100 tonnes per day. The company is in the process of setting up a merchant Air Separation Unit in the State of Himachal Pradesh as a part of their growth strategy to penetrate the markets in North India. The Air Separation Unit is expected to be commissioned in mid 2009. During the year 2012, the Company entered into an agreement for taking over the assets and gases business of Uttam Gases, comprising Uttam Air Products and Uttam Special Gases, one of the prominent players in the healthcare segment in North India. During the year, the project engineering division successfully commissioned a 2550 tonnes per day ASU at Jamshedpur for supply of gases to Tata Steel pursuant to a long-term contract with them. This plant is the largest ASU in India and is also the largest ASU of the Linde Group in South and East Asia. The division also commissioned a merchant ASU at Taloja having capacity of 450 tonnes per day of merchant products and a 1270 NM3 per hour VPSA Oxygen Plant for Vishnu Chemicals at Vizag for the Gases Division of the Company. The Members are aware that pursuant to the special resolution passed by them through postal ballot and e-voting on 6 February 2013 and consequent upon the approval of the Central Government, the name of the Company was changed from BOC India Limited' to Linde India Limited' as per the fresh Certificate of Incorporation issued by the Registrar of Companies, West Bengal with effect from 18 February 2013. During the year 2013, the Project Engineering Division executed several projects involving air separation plants, nitrogen plants, Pressure Reducing Stations (PRS), Compressor Air Stations in steel industry both in public and private sectors, including in overseas markets. The highlights of the Division's overseas performance was the successful supply of a 2000 tpd ASU to PT Linde Indonesia at Cilegon, Indonesia which was commissioned during the year for supply of gases to POSCO Steel works. This project was the division's first large export order, which was executed in a seamless manner along with Linde Engineering, Munich. Besides, PED has also commissioned a 64 tpd Air Separation Unit for Ceylon Oxygen Ltd. at Colombo in Sri Lanka. In the Indian markets, PED commissioned a Compressed Air System Project at SAIL - Bokaro, Nitrogen Plant Augmentation Projects at HPCL, Vizag, HPCL, Mumbai. Other than these projects, the Division has also completed execution of nitrogen plant at MRPL, Mangalore and BPCL, Dibrugarh. Besides, several nitrogen plant projects like ONGC Petro, Dahej and GAIL Pata, etc., are at different stages of execution. The Division has maintained its leadership in cryogenic nitrogen plants as well as hydrogen Pressure Swing Adsorption (PSA) plants. Commissioning activities have also started for 600 tpd Air Separation Plant at Bhushan Power and Steel, Rengali, Odisha. Besides, the Division is also constructing 2 x 1250 tpd ASU for NMDC, a 220-tpd oxygen plant for Abul Khair Steel Melting Ltd, Bangladesh, a 1000 tpd ASU for Bhushan Steel at Meramandali in Odisha. The execution of these and several other projects is progressing well. During the year 2014, the Project Engineering Division has expanded its global reach during the year with a number of export orders under execution including nitrogen generator revamp for PT. Indo Rama Ventures (Indonesia), liquid nitrogen plant sale (UNIT 50) to Medipharm East Africa Ltd. (Nairobi). The division also managed to recover fixed costs by providing engineering supervision and commissioning services to Linde Engineering Taiwan. During the year 2014, the Company commissioned its 2X853 tpd ASUs at SAIL Rourkela works. The Hyderabad 65 tpd ASU was not operational following an optimisation programme with product being outsourced from other plants. During the year 2014, the Company created differentiation in its product and service offerings by launch of 230 bar oxygen and argon cylinders in key market zones such as Bangalore, Pune and Dahej. During the year 2016, the Project Engineering Division (PED) completed major portion of the supplies for a captive 2200 tpd ASU for JSW Steel at Dolvi, which is expected to be commissioned by early 2018. The Division is in final stages of executing the ASU project at Rupganj for Linde Bangladesh Ltd. The strategic development for the Company during the year 2018 was the successful completion of the business combination between Linde AG, the ultimate holding company of the Company with Praxair, Inc. on 31 October 2018. In this respect, a legally binding Business Combination Agreement had been signed between Linde AG and Praxair, Inc. on 1 June 2017. With completion of the global merger on 31 October 2018, Linde pic, a company incorporated in Ireland has become the new holding company of both Linde AG and Praxair, Inc. and as such Linde pic is now the new ultimate holding company of your Company. During the year, as part of the approval process from various anti-trust authorities across the globe for the aforesaid business combination, Linde AG and Praxair, Inc. had in January 2018 applied to the Competition Commission of India (CCI) seeking approval for the business combination in India, pursuant to which, the CCI issued its clearance letter dated 7 September 2018 to Linde AG and Praxair, Inc. approving the proposed business combination between Linde AG and Praxair, Inc. subject to divestment of certain assets controlled by them in India. Accordingly, the Company is required to make divestiture of JSW-2 1800 tpd ASU situated at Bellary, the Company's 50% shareholding in Bellary Oxygen Company Pvt. Ltd., Hyderabad Cylinder Tilling Station (excluding the Nitrous Oxide facility) and the Chennai Cylinder Tilling Station as a part of the divestment mandated by the CCI. The Board after detailed deliberations in this regard and after considering potential benefits of the business combination and the various legal implications thereof, subject to shareholders' approval pursuant to Section 180(1) (a) of the Companies Act, 2013, granted it's in principle approval for the divestment of the aforesaid assets and also appointed an independent financial advisor for assisting Linde India in execution and carve out of the aforesaid divestment assets within the timeline set out in the CCI order. During the year 2018, the original long-term gas supply contract with Tata Steel in respect of the 1290 tonnes per day air separation unit at the customer's steel works in Jamshedpur was renewed for a further period of 10 years with effect from 1 July 2018. During the year 2018, the Company took appropriate action on war footing to carry out repair of the equipments as well as replacement of the Booster Air Compressor of the Air Separation Units (ASU) in the gases and related product segments. During the year under review, barring the breakdown of the aforesaid ASU, most of the onsite plants performed well with specific power as per or better than the plan and achieved reliability of nearly 99%. During the year 2018, the Company launched Linde's patented LIV cylinders for medical oxygen in select cities, which is getting very good response in the markets. The Company has also launched ENTONOX - an anesthetics gas, which is very useful during natural childbirth and also short-term pain relief in a range of medical procedures. During the year 2018, the Company implemented several measures to improve efficiency of the distribution function such as phasing out of low capacity tankers, introduction of 7KL tankers with flow meter for medical supplies, with the aim of reducing cost of delivery and improving billing accuracy. During the year 2018, the Project Engineering Division (PED) division won fresh orders of over Rs. 4,000 million, which mainly include large value orders for supply of cryogenic nitrogen plants with associated IA/PA system on turnkey basis. Apart from the refineries in India, the Division was also able to get export order from a customer in Bangladesh for supplying a cryogenic oxygen plant (IMPACT 3MH model). In addition, the Division has also received an order from the refinery sector for supplying a VPSA oxygen plant. During the year 2018, the Project Engineering Division (PED) division successfully commissioned 2200 tpd ASU for JSW Steel Ltd. at their Dolvi site in Maharashtra, completed supplies for 33 tpd merchant ASU for Linde Malaysia at Bintulu and several cryogenic nitrogen plants for customers in refinery sector in India and overseas, besides, Adani Mundra Port Terminal.During the year, on 24 October 2018, pursuant to the applicable regulations of the SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 2011 as amended, The BOC Group Ltd. (The Acquirer) along with Praxair, Inc. and Linde Holdings Netherlands B.V. as persons acting in concert with the Acquirer made a public announcement for Open Offer to the public shareholders of the Company for acquisition of up to 2,13,21,056 equity shares (i.e. 25% of the paid-up share capital of the Company) held by them at an offer price of Rs. 276.09 excluding interest. The mandatory Open Offer was triggered by announcement made by Linde AG and Praxair, Inc. in connection with the merger of equals between the two companies under a new holding company, Linde pic in the year 2016. The Acquirer along with the persons acting in concert subsequently made a Detailed Public Statement to the public shareholders of the Company in terms of the SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 2011, inter alia, expressing its intention to make a voluntary delisting offer to all the public shareholders of the Company. The BOC Group Ltd. along with promoter group of the Company holding 6,39,63,167 equity shares of Rs. 10/- each aggregating to 75% of the paid-up equity share capital of the Company conveyed their intention to voluntarily delist the equity shares of the Company from the BSE Ltd. and the National Stock Exchange of India Ltd. in accordance with SEBI (Delisting of Equity Shares) Regulations, 2009. The Promoter Group's proposal for voluntary delisting offer was considered by the Board of Directors of the Company and later approved by way of a special resolution passed by the public shareholders of the Company by postal ballot. The special resolution authorized The BOC Group Ltd. to acquire up to 2,13,21,056 equity shares (i.e. 25% of the paid-up share capital of the Company) held by the public shareholders of the Company either by itself or along with any member of the promoter group as person acting in concert in accordance with the provisions of SEBI (De-listing of Equity Shares) Regulations, 2009. The public shareholders holding equity shares of the Company were invited to submit bids through a reverse book building mechanism, which commenced on 15 January and closed on 21 January 2019. Following the expiry of the bid period, the offer price discovered in terms of the SEBI Delisting Regulations was Rs. 2,025/-, which was rejected by the BOC Group Ltd. and the person acting in concert. Following this, the BOC Group Ltd. published necessary Post Offer Public Announcement for failure of the Delisting Offer and a Corrigendum to the same in newspapers for information of the shareholders of the Company. Accordingly, the Acquirer did not acquire any equity shares tendered by the public shareholders pursuant to the De-listing Offer and the equity shares of the Company continue to remain listed on the stock exchanges. In view of the failure of the voluntary delisting offer, the Open Offer process has commenced again and the Acquirer and the persons acting in concert have filed a draft letter of offer with SEBI as per regulation 5A of the SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 2011. The Acquirer would take further steps for the mandatory Open Offer under these regulations after considering comments of the SEBI in this regard. As on 31 December 2018, the company had three loan facilities by way of external commercial borrowings (ECB) aggregating to Rs. 6,277.76 million from Linde AG. The facilities were executed mainly for funding of large air separation units (ASU) at Tata Steel Jamshedpur (2,550 tpd ASU), SAIL Rourkela (2X853 tpd ASU) and Tata Steel Kalinganagar (2X1200 tpd scale plants). All the three facilities are fully drawn down and fully hedged both with regard to the principal and interest payments. During the year, the Company made principal repayment to the tune of Rs. 2,554.76 million against these ECBs. During the year, Rs. 100 million was repaid to Linde Engineering India Pvt. Ltd. resulting in a total outstanding of Rs. 2,400 million at the year-end. During the 2019,the company has completed the divestment of its South Region Divestment Business as per the business transfer agreement signed with Air Water India Pvt Ltd. The South Region Divestment Business was divested on a slump sale and 'as is where is basis' for an aggregate sale consideration of Rs 13800 million. As on 31 December 2019,the company has one joint venture company,namely Bellary Oxygen Company Pvt Ltd. During the year 2019,the company made full repayment of loan facilities by way of External Commercial Borrowings(ECBs) aggregating to Rs 6277.76 million from Linde AG through its divestment proceeds and internal accruals.The facilities were executed mainly for funding of large air separation units at Tata Steel Jamshedpur,SAIL Rourkela and Tata Steel Kalinganagar. The company also repaid two USD denominated term loan facility availed from Citibank aggregating to USD 23.28 million and Rupee term loan of Rs 600 million out of divestment proceeds from the South Region Divestment Business. The company also repaid a Rupee term loan of Rs 1000 million from Linde Engineering India Pvt Ltd in May 2020. As on 31 December 2020,the company has two joint venture companies namely Bellary Oxygen Company Pvt Ltd and Linde South Asia Services Pvt Ltd. The Board of Directors of the Company at its meeting held on 24 March 2020, approved the execution of a Joint Venture and Shareholders Agreement ('JV&SHA') with Praxair India Private Ltd. and LSAS Services Private Ltd. Pursuant to execution of the JV&SHA, your Company holds 2,000,000 equity shares in LSAS Services Private Ltd. of Rs.10 each, being 50% of the total issued and paid up equity share capital of LSAS Services Private Ltd. with the remaining 50% being held by Praxair India Private Ltd. In view of this, LSAS Services Private Ltd. became a Joint Venture Company of your Company with effect from 24 March 2020. The Board of Directors of the Company had also approved of Linde India Ltd. entering into an O&M Services Agreement with Joint Venture Company, under which, the Joint Venture Company will render Operation and Management Services to both the joint venture partners for their respective functions including Procurement, SHEQ, Human Resources, Finance, IT, Legal, Administration, Business Development, Onsite account management, Sales & Marketing, Product Management, etc. on an arms' length basis. The name of the JV company, LSAS Services Private Ltd. was changed to Linde South Asia Services Private Ltd. w.e.f. 26 August 2020. As on 31 December 2020,the company had ZERO outstanding borrowings. The approval of the shareholders for the divestment of the Belloxy Divestment Business to Inox Air Products Pvt Ltd was obtained on 20 February 2020. However, in view of Inox AP's inability to acquire the said business, the Company had informed the same to the Hon'ble Competition Commission of India, seeking extension of the 'Hold Separate arrangement' for the balance tenure of the Gas Supply Agreement up to 14 November 2021. The CCI in its response directed the Company to update it on the divestment status, while accepting the Company's proposal for extension of Hold Separate Arrangement. The Company has subsequently accepted a binding offer from JSW Steel Ltd. for purchase of the 855 tpd plant, which is pending, as it is subject to the approval of Inox AP as per the Shareholder Agreement between Linde India Ltd. and Inox Air Products Private Ltd. With a view to prevent the spread of Covid-19, countrywide lockdown was imposed by the Government of India e?ective from 25 March 2020. Several countries across the globe had to resort to similar lockdowns for extended periods resulting in a grave disruption to humanity as well as economic activities across the globe. As the lockdown in India was extended for prolonged period till 1 June 2020, the economy had to face a very challenging times with uncertainties and complexities arising out of Covid-19. The company has on 09 February 2021,sold and disposed of land and building pertaining to its closed factory(packaged gases plant) in Diamond Harbour Road, Kolkata for an aggregate consideration of Rs 300 crore.The operation of the aforesaid factory were earlier shifted to Howrah.

Linde India Ltd Directors Reports

#MDStart#

management discussion and analysis

The Directors have pleasure in submitting their Report together with the Audited Financial Statements of your Company for the year ended 31 December 2020:

The Company’s standalone financial performance for the year ended 31 December 2020 is summarized below:

In Rupees million Year ended 31 Dec. 2020 Year ended 31 Dec. 2019
Revenue from operations 14,711.24 17,617.86
Earnings before interest, tax, depreciation, amortisation and impairment (EBITDA) 4,074.85 4,356.54
Less: Depreciation and amortisation expense (including impairment) 1,760.00 1,772.54
Earnings before interest and tax (EBIT) 2,314.85 2,584.00
Less: Finance costs 62.43 862.50
Profit before tax (PBT) before exceptional item 2,252.42 1,721.50
Add: Exceptional items 111.48 8,407.55
Profit before tax (PBT) after exceptional item 2,363.90 10,129.05
Tax expenses 808.55 2,857.26
Net Profit for the year (after tax) (A) 1,555.35 7,271.79
Total Other Comprehensive Income for the year (B) (16.95) (17.23)
Total Comprehensive Income for the year (C)=(A) +(B) 1,538.40 7,254.56
Movement in Equity
Retained earnings opening balance brought forward 12,547.17 5,445.90
Add: Net Profit for the year 1,555.35 7,271.79
Less: Other comprehensive income recognised in retained earnings (net of taxes) (17.05) (16.29)
Less: Ind AS 116 (16.71)
Profit available for appropriation (D) 14,068.76 12,701.40
Appropriations:
Dividend on Equity share including dividend distribution tax paid during the year# (E) (852.88) (154.23)
Retained earnings closing balance carried forward (F)= (D)-(E) 13,215.88 12,547.17

#Pertains to dividend for the financial year 2019 @ 100% (Previous year @ 15% for the financial year 2018) on 85,284,223 equity shares of Rs.10 each Financial Performance 2020

Your Company clocked total revenues from operations of Rs. 14,711.24 million during the financial year 2020 as compared to Rs. 17,617.86 million achieved in the previous year, recording a decline of 16.5% as compared to 2019. While the Gases revenues declined by 9.2% from Rs.13,221.04 million to Rs.12,000.79 million, the revenues of the Project Engineering Division were lower by about 38%, which fell from Rs. 4,396.82 million to Rs. 2,710.45 million in the year 2020.

The decline in the Gases revenues is mainly due to loss of revenues arising from divestment of the “South Region Divestment Business” (SRDB) of the Company inter alia, comprising of the 1800 tonnes per day onsite Air Separation Unit at JSW Steel’s steelworks at Bellary and the Company’s packaged gases plants located at Hyderabad and Chennai, which was eective from 16 December 2019. This divestment was in line with the order dated 6 September 2018 issued by the Competition Commission of India in connection with the global merger of Linde AG and Praxair Inc., reported last year. Despite the decline in the total revenues during 2020 caused by the divestment of the SRDB, the underlying gases business recorded a marginal growth of about 3%, mainly due to one-o billings from Tata KPO in Q1 of 2020 and higher revenues earned from medical oxygen and helium.

On the other hand, the decline in the revenues of the Project Engineering business was largely due to the nationwide lockdown announced by the Government of India in March 2020 arising from the outbreak of Covid-19, which disrupted the project execution at almost all the sites resulting in deferment of revenues of the Project Engineering Division.

During the year under review, your Company achieved earnings before interest, depreciation and amortisation (EBITDA) of Rs. 4,074.85 million for the year 2020 as compared to Rs. 4,356.54 million in the previous year. This decrease in the operating profit vis a vis 2019 was mainly due to the divestment of the South Region Divestment Business as mentioned above, which was completed on 16 December 2019 in the previous year. Besides, the prolonged nationwide lock down imposed by the Government of India to prevent the spread of Covid-19 from mid- March 2020 till 1 June 2020 and the subsequent re-opening of the economy in a phased manner impacted the revenues in both the Gases and Project Engineering Divisions. The Gases and the Project Engineering businesses bore the brunt of the impact of the lockdown during the Q2 of 2020. During this quarter, the onsite revenues declined due to lower revenues from SAIL and Tata Steel. The bulk volumes were lower due to Covid-19 impact. The Packaged Gases business, especially argon volumes declined as the automobile industry was hit hard. The oxygen volumes in the healthcare segment were also low as the demand went up only during June 2020. The phased unlocking of the economic activities from Q3 of 2020 revived the business sentiments in both the Gases and Project Engineering Division, which further improved significantly during the Q4 of the year under review.

During the year, there has also been a steep reduction in the interest cost from Rs.862.50 million during 2019 to Rs. 62.43 million during the year under review as a result of repayment of all the outstanding borrowings from the proceeds of divestment of South Region Divestment Business. The depreciation for the year 2020 stood at Rs. 1,760.00 million, which was marginally lower as compared to Rs. 1,772.54 million charged during the year 2019.

Profit before tax (PBT) before exceptional item amounted to

Rs. 2,252.42 million, which compares very well with Rs.1,721.50 million in the previous year. Your Company’s total Profit before tax for the year 2020 stood at Rs. 2,363.90 million and Profit after tax for the year under review amounted to Rs. 1,555.35 million, as compared to Rs. 7,271.79 million for the year 2019, which was after considering exceptional profit of Rs. 8,407.55 million from the sale of South Region Divestment Business.

Dividend

Your Board has recommended a dividend of 30% (Rs. 3.00 per equity share) on 85,284,223 equity shares of Rs.10.00 each in the Company for the year 2020, as against a dividend of 100% (Rs.10 per equity share) for the previous year ended 31 December 2019, which comprised of a normal dividend of 25% (Rs.2.50 per equity share) and a special dividend of 75% (Rs. 7.50 per equity share) in view of the exceptional income earned by the Company from divestment of South Region Divestment business in the previous year.

The Board’s recommendation for dividend has been made after considering the sustainability of the operating performance and cash flow position of the Company and is in line with its Dividend Distribution Policy. The dividend is subject to the approval of the shareholders at the ensuing 85th Annual General Meeting scheduled to be held on Thursday, 24 June 2021 and will be paid on or about 29 June 2021, to the Members whose names appear in the Register of Members, as on the Book Closure date, i.e., from Friday, 18 June 2021, to Thursday, 24 June 2021 (both days inclusive). This dividend will result in cash outgo of Rs.255.85 million as compared to Rs. 852.84 million in the previous year. The dividends paid or distributed by the Company shall be taxable in the hands of the Shareholders. Your Company shall, accordingly, make the payment of the Dividend after deduction of tax at source as per the provisions of the Income Tax Act, 1961.

The Board has not recommended any transfer to general reserves from the profits during the year under review.

The Dividend Distribution Policy is annexed to this report and is also available on the Company’s website at www.linde.in. [Annexure 1]

Update on Belloxy Divestment Business

As informed in the previous year, the Members are aware that in response to the application made to the Competition Commission of India (CCI) by Linde AG and Praxair, Inc. seeking approval for the business combination in India, CCI vide its Order dated 06 September 2018 (in Combination Registration No.C-2018/01/545), approved the aforesaid business combination subject to divestment of certain assets controlled by them in India. Accordingly, Linde India Ltd. was required to make divestiture of the Company’s “South Region Divestment Business” and “Belloxy Divestment Business” as described in the CCI Order. During the year 2019, Linde India completed the divestment of its “South Region Divestment Business” as per the Business Transfer Agreement signed with Air Water India Private Ltd. The approval of the shareholders for divestment of the “Belloxy Divestment Business” to Inox Air Products Private Ltd. (Inox AP) was obtained on 20 February 2020. However, in view of Inox AP’s inability to acquire the said business, the Company had informed the same to the Hon’ble Competition Commission of India, seeking extension of the “Hold Separate arrangement” for the balance tenure of the Gas Supply Agreement up to 14 November 2021. The CCI in its response directed the Company to update it on the divestment status, while accepting the Company’s proposal for extension of Hold Separate Arrangement. The Company has subsequently accepted a binding oer from JSW Steel Ltd. for purchase of the 855 tpd plant, which is pending, as it is subject to the approval of Inox AP as per the Shareholder Agreement between Linde India Ltd. and Inox Air Products Private Ltd.

Update on the shares acquired by The BOC Group Ltd. under Open Oer

The Members of the Company are aware that as informed in the earlier year, after the failure of the Voluntary Delisting O er, The BOC Group Ltd. as the Acquirer along with Praxair, Inc. and Linde Holdings

Netherlands B.V. as persons acting in concert (PAC) made an open oer during the year 2019 to acquire up to 21,321,056 fully paid up equity shares of Rs.10/- each representing 25% of the voting capital of Linde India Ltd. The BOC Group Ltd. acquired 25,276 equity shares tendered under the said Open Oer on 27 September 2019. The shareholding of The BOC Group Ltd. thus increased to 63,988,443 equity shares representing 75.03% of the total voting share capital of Linde India Ltd. The Acquirer has subsequently on 27 April 2020, for the purpose of achieving the minimum public shareholding requirement in compliance with the provisions of Securities Contracts (Regulation) Rules, 1957 as amended, SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 read with para 2(a) and para 3 of the SEBI circular no. SEBI/HO/CFD/CMD/CIR/P/43/2018 dated 22 February 2018 sold the said 25,276 equity shares through the stock exchange mechanism. As a result of the same, the shareholding of the promoter group in the Company now stands at 75% of its total voting capital.

Consolidated Financial Statements

Although the Company does not have any subsidiary, as per the requirement of Section 129(3) of the Companies Act, 2013 and the applicable Indian Accounting Standard 110 issued by the Institute of Chartered Accountants of India, your Company has prepared consolidated financial statements for the year ended 31 December 2020 together with its joint venture companies, viz. Bellary Oxygen Company Private Ltd. and Linde South Asia Services Private Ltd. (earlier known as LSAS Services Private Ltd.) The said consolidated financial statements of the Company form part of the annual report. However, since the Company does not have a subsidiary, the compliance under Section 136 about separate financial statements do not apply to Details of Joint Venture Company

As on 31 December 2020, the Company had two joint ventures, whose details are provided below:

Bellary Oxygen Company Private Ltd.

At the beginning of the year 2020, the Company had one joint venture in the gases business viz. Bellary Oxygen Company Private Ltd., which operates an 855 tpd Air Separation Unit at Bellary, Karnataka for supply of gases under a long-term gas supply agreement to JSW Steel Ltd.’s works at Bellary.

Pursuant to the order dated 6 September 2018 passed by the Competition Commission of India (Combination Registration No. C-2018/01/545), the Members of the Company had on 20 February 2020 approved by way of a Special Resolution divestment of ”Belloxy Divestment Business” of the Company. The Belloxy Divestment Business comprises of the business of distributing and selling liquid oxygen, liquid nitrogen & liquid argon purchased from Bellary Oxygen Company Private Ltd. and conducted from the Bellary Trading oce along with Company’s investment in 15,000,000 equity shares of Rs.10 each fully paid up, being 50% of the total issued and paid up share capital of Bellary Oxygen Company Private Ltd., owning an 855 tpd Air Separation Unit for supply of gases to JSW Steel Ltd. at Bellary. Your Company has earlier classified its investment in the Joint venture Company, Bellary Oxygen Company Private Ltd. together with the assets of Bellary Trading oce as “asset held for sale”.

Linde South Asia Services Private Ltd. (formerly known as LSAS Services Private Ltd.)

The Board of Directors of the Company at its meeting held on 24 March 2020, approved the execution of a Joint Venture and Shareholders Agreement (“JV&SHA”) with Praxair India Private Ltd. and LSAS Services Private Ltd. Pursuant to execution of the JV&SHA, your Company holds 2,000,000 equity shares in LSAS Services Private Ltd. of Rs.10 each, being 50% of the total issued and paid up equity share capital of LSAS Services Private Ltd. with the remaining 50% being held by Praxair India Private Ltd. In view of this, LSAS Services Private Ltd. became a Joint Venture Company of your Company with e ect from 24 March 2020. The Board of Directors of the Company had also approved of Linde India Ltd. entering into an O&M Services Agreement with Joint Venture Company, under which, the Joint Venture Company will render Operation and Management Services to both the joint venture partners for their respective functions including Procurement, SHEQ, Human Resources, Finance, IT, Legal, Administration, Business Development, Onsite account management, Sales & Marketing, Product Management, etc. on an arms’ length basis. The name of the JV company, LSAS Services Private Ltd. was changed to Linde South Asia Services Private Ltd. w.e.f. 26 August 2020.

Pursuant to Section 129(3) of the Companies Act, 2013, a statement containing the salient features of the financial statements of the joint venture companies in the prescribed Form AOC-1 is annexed to this it.report. [Annexure 2]

Business Segments

Your Company’s business has two broad segments, viz. Gases and Related Products and Project Engineering in line with the operating model of the Linde Plc Group. The details about these business segments together with the industry developments are given below:

Gases and Related Products

The Gases and Related Products segment comprises of pipeline gas supplies (Onsite) to very large industrial customers mainly the primary steel, glass and chemical industries, supply of liquefied gases through Cryogenic tankers (Bulk) to cater to mid-size demands across a wide range of industrial sectors and compressed gas supply in cylinders (Packaged Gas) for meeting smaller demand for gases mainly across fabrication, manufacturing and construction industry. The primary production of gases (oxygen, nitrogen and argon) is mostly achieved through cryogenic distillation of air in Air Separation Units (ASU). Oxygen, Nitrogen and Argon may also be produced in the gaseous state and supplied through pipeline to the Onsite customers or produced in liquid form and stored in insulated cryogenic tanks for supply to Bulk customers or further processed in the Packaged Gas plants to bottle compressed gas in cylinders. The strategy of the bulk and packaged gas business continues to focus on building density and sustaining market leadership through application led gas sales and enhanced service levels. The Healthcare business, an important part of the Gases business provides high quality gases for pharmaceutical use such as medical oxygen, synthetic air and nitrous oxide in addition to providing state of the art medical gas distribution systems to major hospitals.

Industry Update

The year 2020 will go down in history as the year of the Covid-19 pandemic. The impact of this pandemic on the global economy was highly disruptive. Most of the world came to a standstill for several months in uncertain anxiety. Indian economy saw a plunging 23.9% decline in the Q1 (2020-21) ending up as one of the worst aected amongst the major economies of the world. However, GDP contracted only 7.5% in Q2 (2020-21).

According to the Ministry of Statistics and Programme, the manufacturing industry grew by just 0.6% in Q2 2020, after crashing 39.3% in Q1.

Similarly, there was recovery in the demand of electricity, gas, water supply and other utility services and this sector saw a growth of 4.4% after witnessing contraction of 7% in the Q1. Agriculture, forestry, and fishing industry grew at a constant pace of 3.4% in Q2, unchanged from the previous quarter. Hotels, transport, communication, and services relating to broadcasting su ered the most, contracting 47% in Q1 and 15.6% in Q2 respectively. The construction sector recovered from the steep decline of 50.3% in Q1 to a relatively low decline of 8.6% in Q2.

In the year 2019, India surpassed Japan to become the world’s second largest steel producer with crude steel production of 111.2 million metric tons. However, the year 2020 turned out to be catastrophic for the steel industry. According to the World Steel Association (WSA), India produced 8.5 million metric tons of crude steel in September 2020 which was 2.9% less than the September 2019. Steel sector being the backbone of our economy, continues to play a crucial role in nation’s journey towards becoming a USD 5 trillion economy by 2024. Even after the challenges posed to the steel industry by the pandemic, the Government’s vision of ramping up the steelmaking capacity to 300 million metric tons by 2030 remains unaltered.

India’s automotive sector has been confronting economic headwinds for the past couple of years. Even before the Covid-19 crisis in 2020, the automotive sector experienced a perceptible tension due to adoption of BS VI compliance mandate and economic slowdown. In Q2 and Q3, the automotive sector saw a V-shaped recovery on account of increase in demand. As the lockdown norms were relaxed, the consumers preferred self-owned vehicles to ensure social distancing. In November 2020, domestic passenger vehicle volumes grew 9% year on year and the SUV segment shined. The two-wheeler segment also saw a growth of 15% year on year. While the economy is getting back on track, the newly announced production-linked subsidy incentive (PLI) and scrappage scheme is further going to give pace in the growth of the automotive sector.

Standstill economies, due to the mandatory lockdowns and travel restrictions, resulted in the crude oil prices hitting a major slump.

According to the World Economic Outlook, the oil prices fell 60% between February and April 2020. With storage facilities and oil tankers quickly filling up, fears grew over where to store excess oil, leading to benchmark prices seeing record negative prices for a couple of days in April 2020.

Gases performance

The onsite business dipped by about 10% in Q2 as most of the Company’s large onsite customers throttled their production levels upon the onset of the pandemic. Some of the smaller onsite customers even stopped production for periods varying between 2 and 6 weeks. Taking advantage of the lower gas demand, the Company undertook the refurbishment of the 1290 tpd ASU at Jamshedpur in this period.

However, the revenues started picking up from late Q2 onwards and the underlying business volumes in Q4 crossed the pre-pandemic levels.

The industrial bulk and packaged gas businesses were very strongly aected in Q2 of the year with revenues falling to near zero levels for some days. The overall volumes dipped to 50% in Q2. However, backed by a strong pickup in the economy coupled with pricing initiatives, the revenues in these businesses crossed pre-pandemic levels in the second half of the year and the Q4 volumes were almost 30% higher than those recorded in Q1.

The Healthcare segment dipped by 10% at the beginning of the pandemic as all non-critical procedures were deferred. The volumes started picking up from June 2020 and reached a peak of 200% of pre-pandemic levels in September and October 2020. The volumes then stabilised for the rest of the year but were still at about 70% higher than the levels of last year.

In the Special Products & Chemicals, barring a dip in April 2020 due to lockdown related restrictions, there has been significant growth in revenue, achieved through ecient management of demand & product availability.

Key developments in Gases Business Healthcare

Linde India is a committed and dedicated partner in India’s fight against the Covid-19 pandemic and consequently, the Healthcare segment saw a phenomenal growth during the pandemic as the need for medical oxygen was paramount for Covid-19 treatment. The medical oxygen consumption increased 4 times from March 2020 to September 2020. During these challenging times, Linde India ensured uninterrupted supplies of medical oxygen to new institutional/dealers, whilst catering to surge in base customer requirement. This 24 x 7 uninterrupted availability of medical oxygen was made possible by our Covid Warriors from operations, distributions, and sales team – who even catered to emergency situations for non-partnering hospitals. Augmentation of vessels & equipment due to surge in demand in customers premises was executed at several hospitals. Linde India completed liquid medical oxygen tank installations at a number of di erent partner hospitals in Q2 and Q3 of 2020 in record time. Your Company took several measures for the safety of its frontline warriors, which included driver accommodation, conveyance, food, rest, local permits, provision of PPEs for all Covid warriors, etc. to ensure smooth operations. Besides, special arrangements/permits were obtained for movement during lockdown, sanitization and cleaning of vehicles, cylinders decontamination procedures were strictly followed.

The contributions of Linde India during the pandemic were recognized and appreciated by partner hospitals and Government authorities alike. There was very close coordination between the Company and the Central & State Government authorities which was of an immense help in ensuring that our capabilities were gainfully utilised for the cause of the nation.

On improvement initiatives, Linde India remained committed to digitalization projects for healthcare. As a part of its digitalization agenda, experiential marketingLinde India identified for need its niche product LIV™ and thus created an Augmented Reality mobile application with an aim to transform traditional see-to-feel experience. The App demonstrates the ease of use & distinctive features of the product, which is dicult to share by videos, brochures, or other traditional marketing collaterals.

Application Technologies

In its continuing pursuit of introducing novel applications-based technologies to give itself a competitive edge, the Company has 2020. Some highlightsregistered a lot of the work done in this area are first shrimp freezing application in Eastern India, introduction of oxygen injection in frit furnaces for the ceramic industry, expansion of nitrogen business for the tyre industry, replicating past success in spice grinding with several customers, etc.

Packaged Gases

Linde India is a ‘supplier of choice’ for the Laser segment in terms of supply of Laser gases as well as assist gases. There are multiple supply options based on customer consumption patterns. Laser cutting is preferred in industries working on sheet metal due to improved precision, productivity, and lesser material wastage leading to increased adoption of the technology especially in the automobile and ancillary industries. Linde India showcased its laser assist gas capabilities at IMTEX 2020, Bangalore. In the exhibition, Linde extended its technical support to strategic Laser Original Equipment Manufacturers (OEMs) like Trumpf and JFY by supplying high pressure 230 bar Nitrogen Manifolded Cylinder Pallets (MCP). This is a USP for Linde as it contains 50% more gas against similar competitor oerings.

Special Gases & Chemicals

Some of the pioneering growth projects carried out in 2020 in this business include MRI cooling with liquid helium, a first of its kind installation in India; upgrading of the helium transfill station at Taloja to 300 bar for cost optimisation and setting up the Company’s second MAPAX manufacturing unit in India.

Customer Experience

Linde India Gases business tracks customer experience on a defined metric system with dierent customer satisfaction indices (CSI). The combined analysis of the various indices gives Linde India a score for the Customer Experience. Company’s CX performance is measured on 3 Key Performance Indicators (KPI) for query/complaint resolution. In 2020, KPI 1 (acknowledgement) was 100%, KPI 2 (response) & KPI 3 (resolution) were 99%.

Linde India Gases business was audited for ISO 10002:2018 & ISO 10004:2018 compliance for its Customer Experience program in December 2020. The processes implemented during this certification will help Linde India identify the areas of perceived, expected & actual service levels through benchmarking against a global standard. The audit will be conducted annually.

Linde India has commenced multiple digitalization programs in 2020. These programs are designed to improve customer experience and ease of doing business, primarily through digitalizing dierent aspects of processes & platforms.

Distribution

The Distribution function, which takes care of the supply chain in the Gases business is key to its strategy. As mentioned in earlier years, the supply chain requires significant investments in the form of distribution assets and storage networks to service bulk volumes as well as in the form of cylinders to service relatively smaller volumes in the packaged gases business.

The year 2020 was an extremely challenging year as the Company was required to cater to sudden and sharp jump in medical oxygen supplies arising from Covid-19, which included managing 2-3 fills in some hospitals in a day. As part of the safety protocols, your Company was quick to ensure provision of proper PPE for the crew and diligently followed vehicle and cylinder sanitization protocol so as to protect the crew and Deliver team from the risk of any infection.

On the System Integration front, we implemented new Logistic Management System called LMS, a new network optimization tool to leverage best distribution eciency and customer satisfaction. During the year, the Company continued its focus on improving eciency of the distribution function by grounding low capacity old VITTs and reducing the fleet size. With several innovative eciency programs, we could improve delivered quantity per trip by about 7%, reducing product loss in distribution by about 6% and reducing return of undelivered products by about 4%.

Transport Safety, however, remains a challenge area and the Company has given high priority to this with a view to overcome and mitigate the safety risks involved in distribution of products. Taking the safety journey forward, we have upgraded the Transport Operation Center to ensure any fatigue and distraction events are identified and immediate actions are triggered to stop the vehicle from any untoward incident. All our bulk vehicles and most of the PGP vehicles are equipped with 5 sets of camera, and the entire journey is now captured though Digital Video Recorder from all angles, which is being reviewed and used for driver training and route risk assessment. Entire driver risk profiling is now being managed digitally with minimum manual inputs and the same forms the basis for driver reward mechanism.

Your Company has also given a sharp focusprofiling and on driver risk categorizing as High, Medium and Low, driver training need analysis, digital identity cards for drivers for monitoring of service hours, etc. with a view to overcome the various challenges in transportation, which has also resulted in reduced transport related incidents in the Company.

Project Engineering

The Project Engineering Division (PED) comprises the business of design, engineering, supply, installation, testing and commissioning of Air Separation plants and related projects on turnkey basis. The Project acturing works manuf Engineering Division is having U stamp certified to fabricate core proprietary equipment such as distillation columns for air separation plants, cryogenic liquid storage tanks, Ambient and steam bath vaporizers, Process vessels, LINIT plants, small sized cold boxes, containerized micro plants for cylinder filling for in-house use as well as for sale to third party customers. During the year under review, PED received IMS certificates (ISO 9001, which is achievement of a milestone.

The Division’s order intake during the year 2020 stood at Rs. 6,640 million, which mainly consisted of a large value order from HPCL Rajasthan Refinery Ltd. for setting up a “Compressed air & N2 plant package” at their green field refinery site on turnkey basis at Barmer, Rajasthan. This has been the largest ever order won by the Division so far. Besides, the Division also received an order from Praxair India Private Ltd. for setting up a 630 tpd Air Separation Unit for IOCL Paradeep Refinery in Paradeep, Odisha. Apart from this, the Division also received an order for setting up a “Compressed air & Cryogenic N2 plant package“ from IOCL Refinery Division for their Acrylics/Oxo- alcohol project at IOCL Dhumad complex near Gujarat Refinery .

During the year under review, the Division had to operate under challenging working conditions arising from prolonged countrywide lockdown due to Covid-19, which was followed by the phased unlocking of the economy. The Division successfully commissioned several projects, which include 2200 tpd ASU (Plant 2) for JSW at Dolvi, Maharashtra, 200 tpd Merchant ASU for INOX AP at Modinagar (U.P), plant for Bharat Oman Refinery Ltd. at Bina (M.P), 2 X 91 tpd VPSA O2 plant for HPCL Mittal Energy Ltd. at their Bhatinda petrochemical N2 plant for Ramagundam Fertilizer & Chemical Ltd. at complex and N2

Ramagundam (Telangana). The Division is currently at various stages of execution of several projects for compressed air and nitrogen plants in certain large refineries across India.

As on 31 December 2020, the order book position of PED for third party projects stood more than Rs.11,000 million.

Opportunities and Threats

At the macro-economic level, the recent trends of slowing of the Indian and major global economies has been one of the major threats to global prosperity. In recent times, India has seen contraction in several core sectors and in fact witnessed negative growth in IIP towards the end of 2019 and even the early signs of 2020 were no dierent. The ongoing downtrend in the automotive segment, which is one of the important end user industry segments has also been a cause of some concern. This obviously impacts the fortunes of the gases industry in India. Some of the risks covered under the Risk Management section in this report may also be considered as threats in short to medium term. The geo-political tensions may also pose some challenges to the global growth in the near future. However, the outbreak of Covid-19 pandemic has emerged as one of the largest threats to human beings, ultimately having potential to cause disruption of economic activity and industries, trade and commerce. While the unlock after the prolonged lockdown earlier seen during the year 2020 and the early signs of improvements in the Covid-19 situations oers some hope, the potential danger of the second wave of Covid-19 cannot be ruled out. Therefore, the future impact of Covid-19 on the business operations is dicult to assess at present, as the situation is dynamic and is evolving.

14001,18001) for their EPC business,

As mentioned in the last year’s annual report, the Government of India’s stated aspiration of becoming a USD 5 trillion economy by 2025, the Make in India and the Atmanirbhar Bharat programs create optimism and can provide great opportunities for growth in the medium to long term. In view of the recent developments however, this goal of a USD 5 trillion economy as above looks highly aspirational. As part of the Atmanirbhar Bharat package, the Government had provided a boost to the manufacturing sector via Production-Linked Incentive (PLI) scheme and as much as Rs.1.97 lakh crore is expected to be spent between 2021-26 in sectors such as electronics, automobiles/auto components, pharma, telecom and textiles to enhance domestic manufacturing capacities. This presents diverse opportunities in various end use industry segments.

The Government of India’s commitment to boost economic growth by investing in infrastructure development, as per the recent budget estimates is another major opportunity. The Government has unveiled multimillion-dollar National Infrastructure Pipeline (NIP), with projects spread across 18 States over the next five years up to 2025. The sectors such as energy (24%), roads (19%), urban development (16%) and railways (13%) will account for around 70% of the projected capex. It is estimated that to achieve a USD 5 trillion economy by fiscal year 2025, India needs to spend a whopping USD 1.4 trillion on infrastructure. Infrastructure accounts for 25-30% of steel consumption, and this growth is thus expected to boost domestic steel demand in the coming years. The manufacture of new vehicles meeting BS VI norms is likely to provide the required boost to the automotive sector. Directionally moving towards a scrappage policy on Passenger Vehicles older than 20 years and Commercial Vehicles over 15 years is also expected to boost replacement demand in the automobile sector. These developments in the automotive the gases segment can benefit industry.

Healthcare sector, which has been India’s fastest growing businesses, and which oers high employment opportunities looks very promising and the ongoing Covid-19 pandemic is an important trigger for it to grow at a tremendous pace in the near future. The evolving situation may result in building of new hospitals and provision of additional beds for providing hospital care facility for the large population in the country. This to the growth of theis expected give medical fillip gases and pharma sector in the country, both of which augur well for the gases industry.

The Indian food and beverage market is projected to grow at a CAGR of 7.2% during 2019 – 2024. As a member of the Linde plc group, the suite of application technologies available to the Company especially in food freezing and food packaging industry in India such as shrimp freezing, fish glazing, etc. are likely to emerge as robust opportunities in the years ahead. The Company’s dedicated food lab at Vijayawada is expected to act as a catalyst to capture this growth in the F&B sector.

Besides, the rationalisation of custom duties, import duties and anti-dumping duties on several equipment may result in opportunities in diverse industry segments, which may be beneficial to the gases industry in India. The expansion program of various refineries as well as the Steel sector is expected to create enormous opportunities for the Project Engineering Division.

Risk Management

Your Company’s business faces various risks - strategic as well as operational in both its segments viz. Gases and Project Engineering, which arise from both internal and external sources. As explained in the report on Corporate Governance, the company has an adequate risk management system, which takes care of and review of risks. Your Company has been holding risk workshops periodically to refresh its risks in line with the dynamic and ever-changing business environment and the last refresher risk workshop was conducted on 27 June 2019, which was attended by senior management team of the Company with a view to refresh the various risks facing the business of the Company. The risks being addressed by the Company during the year under review included risk relating to aggressive capacity addition by competitors, risk from new global gas players who may have access to lower capital cost or cheaper product oerings, risk of integrated Steel plants owning ASUs in future, risk arising from delay in setting up new organisation structure, and more importantly the risk from Covid-19, etc.

The most significant emerging risk is the ongoing outbreak of the novel coronavirus (Covid-19). This has presented the world with one of the most challenging times ever. The outbreak of Covid-19 and its rapid acceleration across the globe during 2020 was indeed concerning. Your Company had as a matter of strategy to mitigate this risk, ensured strict adherence to the guidelines issued by the Government of India and the various State Governments as well as the Linde group’s internal protocols at all its operating sites and oces and in its business operations to overcome the crisis.

Your Board of Directors provides oversight of the risk management process in the Company and reviews the progress of the action plans for the identified key risks with a distinct focus on top 5 key risks on a quarterly basis.

The Company has a Risk Policy with a view to provide a more structured framework for proactive management of all risks related to the business of the Company and to make it more certain that the growth and earnings targets as well as strategic objectives are met.

Finance

During the year 2020, your Company made full repayment of Rupee Term loan aggregating to Rs. 1,000 million in May 2020 to Citicorp Finance (India) Ltd. from the proceeds of the South Region Divestment Business and internal accruals. The aforesaid term loan was availed to fund ongoing small capital expenditure and working capital requirements. Because of the applicability of high pre-payment penalty, the rupee term loan was repaid only on its maturity in May 2020.

The Company had earlier entered into an MOU with Mindstone Mall

Developers Private Ltd., a company having its registered oce in Mumbai, Maharashtra for sale/disposal of land and buildings pertaining to its closed factory (Packaged Gases Plant) at 48/1, Diamond Harbour Road, Kolkata - 700 027 for an aggregate consideration of Rs. 3,000 million on “as is where is” basis. The operations of the aforesaid Packaged Gases Plant (factory) at Kolkata were earlier shifted to the existing packaged gases site at Uluberia, Howrah. As on 31 December 2020, the Company received an aggregate sum of Rs. 500 million from Mindstone Mall Developers Private Ltd. as advance payment towards the sale of the aforesaid factory land and buildings and the balance payment of Rs. 2,500 million has been received in FY 2021 on 9 February 2021 on the execution of the conveyance deed by theassessment Company in favour of the purchaser.

As on 31 December 2020, your Company had ‘zero’ outstanding borrowings. As at 31 December 2020, the Company has parked the surplus funds aggregating to Rs. 3,119.55 million by way of term deposits with its banks.

There were no material changes and commitments aecting the financial position of the Company, which occurred between the end of the financial year to which these financial statements relate and the date of this report.

Credit Rating

The Company’s total bank facilities - both fund-based and non-fund based are rated by CRISIL, which has rearmed its long-term credit rating of CRISIL AA with Stable outlook for the aforesaid facilities. The rating denotes high degree of safety regarding timely servicing of financial obligations.

Large Corporates Disclosure for Fund raising through Debt securities

During the year, your Company repaid in full the old Rupee Term loan aggregating to Rs. 1,000 million in May 2020. As a result of the same, your Company no longer meets the criteria specifiedby SEBI for large corporates for fund raising through debt securities.

Deposits

During the year, the Company has not accepted any deposits from public under Chapter V of the Companies Act, 2013.

Significant and Material Orders passed by the Regulators or Courts There have been no significant and material orders passed by the Regulators or Courts or Tribunals impacting the going concern status and Company’s operations.

Particulars of loans, guarantees or investments

The particulars of loans, guarantees given and investments made during the year under Section 186 of the Companies Act, 2013 and SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 are annexed to this Report. [Annexure 3]

Investor Education and Protection Fund

During the year under review, your Company transferred the 58th unpaid/ unclaimed dividend amount of Rs. 0.65 million for the financial year ended 31 December 2012 to the Investor Education and Protection Fund in compliance with the provisions of Sections 124 and 125 of the Companies Act, 2013 within the meaning of relaxations granted by the Ministry of Corporate Aairs vide its General Circular no. 12/2020 dated 30 March 2021 and clarifiedby General Circular No. 16/2020 dated 13 April 2020. In compliance with these provisions read with the Investor Education and Protection Fund Authority (Accounting, Audit, Transfer and Refund) Rules, 2016, your Company also transferred 21,833 shares held by 176 shareholders to the Demat Account of the IEPF Authority on 18 January 2021, in respect of which dividend had remained unpaid/unclaimed for a consecutive period of 7 years. Pursuant to the aforesaid provisions, the transfer of these equity shares to the Demat Account of the IEPF Authority became due on 23 June 2020. However, the Company and its Registrars, Link Intime India Private Ltd. faced various diculties and challenges in meeting the various procedural requirements including reconciliation and desptach of individual reminder letters to the concerned shareholders as per the IEPF Rules, 2016 in view of the nationwide lockdown mandated by the Government of India that started in March 2020 for preventing the spread of Covid-19 pandemic and the resulting work from home conditions. As a result, the 21,833 shares were transferred to the demat account of the IEPF Authority on 18 January 2021 after completing all applicable compliances in this regard.

Safety, Health, Environment and Quality (SHEQ)

At Linde, our aim truly is to avoid causing any harm to people or the environment and as such Safety remains one of our topmost priority.

Compliance with SHEQ rules, standards and procedures are pre-requisite for all employees & contractors and management is committed to ensuring that all personnel are trained and made competent before undertaking any safety critical job for the company.

Covid-19, government & company restrictions was one of the biggest challenges for us to continued supply in the hospitals and maintaining the safety of people at our operational sites & also for distribution partners.

To strategically fight with this challenging situation, company came with

Covid-19 Health principles which helped to keep our mindset on people’s health at workplace and accordingly various safety precautionary measures have been implemented across the sites with the help of administrative & engineering controls, like business continuity plan, crisis management team formation, return to normal guidelines, modification of SOP’s, installation of thermal camera at sites, etc.

Global Safety Commitment Day 2020 was celebrated at all Linde operating units & project sites on 30 November 2020 with theme of Covid-19 health principles & Reconnect with Safety. The objective is to spend time with our colleagues to discuss and to commit to our Health Principles and refresh ourselves on the other key risks that we face, so that we can all navigate the challenging time safely and healthily.

Also, based on the incident analysis we found some critical areas and to focus those, we had conducted safety campaigns on the topic of Rollover, Non-commercial vehicle, Manual Handling & Slip, Trip & Fall.

To strengthen the SHEQ performance a comprehensive SHEQ

Annual Operating plan (AOP) introduced with covering the area of improvements in Process safety, Distribution safety, Operational Safety, Behavioural & Personnel Safety, Quality & Environmental safety. Even in the dicult time of Covid-19 also all the functional teams worked hard to compliance the SHEQ AOP.

Due to restriction of travels, we introduced the virtual audit & assessment, communication session, training & campaigns to keep our regular focus on safety compliance.

In view of emergency response & preparation at site an osite mock drill conducted by Uttarakhand State Government (District Emergency Department) under supervision of NDRF in one of the Onsite operation at Selaqui Dehradun with the scenario of “major earthquake in the area resulting catastrophic rupture of the liquid storage tank”, Linde performance was well appreciated by the authorities.

Human Resources

The year 2020 was a year of transition and one that enabled the HR team to make a paradigm shift in our approach to human resources. The outbreak of Covid19 and the consequent country wide lockdown imposed by the Government of India resulted in a challenging scenario for managing the human resources across all organisations and your Company was not an exception. Besides, dealing with and facilitating the remote working from home, the HR function also provided visible leadership in the integration of the legacy entities, which meant managing a transition of 348 people from Linde India Ltd. to the newly formed JV Company, Linde South Asia Services Private Ltd. (earlier known as LSAS Services Private Ltd.).

The HR team stood up to the challenge and by leveraging technology, was successful in transitioning employees from Linde India Ltd. on to Linde South Asia Services Private Ltd. While the transition was the final outcome, there were lot of activities being done in the background over a period of time, for a seamless integration like harmonization of grades and salary structure, preparation of job descriptions, adopting best employee policies and connecting with employees individually to help them go through the change. For better alignment of HR with business and to increase the proximity of the HR team with the employees, the HR organization was restructured, and region wise HR Busines partners have been assigned so that the overall employee experience is enhanced.

The pandemic and the subsequent remote working that emerged out of it only strengthened our focus on the employee engagement agenda as we transitioned the employee engagement landscape on to the digital platform. Virtual engagement initiatives like – Leadership connect, webinars on mental wellness, talent shows for employees and their families, quiz competition, etc. were organized month on month to ensure that people stay connected. In addition to this we also launched the Employee Assistance Programme (EAP) where employees could access services of external wellness experts and counsellors, through a help line, free of cost. In continuance with our employee engagement agenda, we initiated the HR connect sessions with employees in each location. The idea was to listen to the people’s voice – the issues and concerns which required redressal so that they could focus productively on their deliverables. We had a fruitful interaction on multiple issues like policies, rewards and recognition and learning and development.

In order to ensure that employees continued to learn new skills and upgrade themselves, we leveraged The Learning Platform – an in house digital platform with multiple learning resources like online courses, audio books, book summaries, etc. by launching the Knowledge Fest challenge. We also initiated the Sales Talent Advancement Road map (STAR) – a talent programme for our sales employees across the cluster. The program follows the 70 -20 - 10 principle of learning. It incorporates a blended learning approach to development through focus on building functional skills, developing behavioural and managerial competencies, application through live projects and inhouse mentoring by senior leaders.

Our agenda on diversity and inclusion continued through our employee resource group – SHEROES, a network for women employees to connect and bond with each other. Programmes on Unconscious bias were attended by the leadership team and diversity leads of the South Asia Cluster.

There has been a renewed focus on HR compliance across factories and oces. The scope of compliance has been revised to bring in more rigor in eectively monitoring compliance.

The Company had harmonious employee relations across all its plants and oces in India. As on 31 December 2020, the total manpower strength was 263.

Disclosure as per the Sexual Harassment of Women at Workplace (Prevention, Prohibition and Redressal) Act, 2013

The Company remains committed to provide and promote a safe, healthy and congenial atmosphere irrespective of gender, caste, creed or social class of the employees. The Company’s Policy on Prevention of ‘Sexual Harassment’ is in line with the provisions of The Sexual Harassment of Women at Workplace (Prevention, Prohibition and Redressal) Act, 2013 and the Rules made thereunder. Internal Complaints Committee (ICC) has been set up to redress complaints, if any, received regarding sexual harassment. All employees whether permanent, contractual, temporary, etc. have been covered under this Policy. The Policy is gender neutral.

During the year 2020, no complaint alleging sexual harassment was received by the Company. As a preventive measure and to create awareness in this area, the Company has been conducting refresher programs for all permanent and contractual employees.

Prescribed Particulars of remuneration

The disclosures pertaining to ratio of remuneration of each Director to the median remuneration of all the employees of the Company, percentage increase in remuneration of each director and other details as required under Section 197(12) of the Companies Act, 2013 read with Rule 5(1) of the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014, as amended, are annexed to this Report. [Annexure 4]

In terms of the provisions of Section 197(12) of the Companies Act, 2013 read with Rule 5(2) and 5(3) of the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014, as amended, a statement containing the names and other prescribed particulars of top 10 employees in terms of remuneration drawn and that of every employee, who if employed throughout the year ended 31 December 2020 was in receipt of remuneration aggregating to not less than Rs. 10.20 million; and if employed for part of the said year, was in receipt of remuneration not less than Rs.0.85 million per month is annexed to and forms part of this Report. However, having regard to the provisions to the first proviso of Section 136(1) of the Companies Act, 2013, the Annual Report is being sent to all the Members of the Company excluding this information. The aforesaid statement is available for inspection by shareholders at the Registered Oce of the Company during business hours on working days up to the date of the ensuing Annual General Meeting. Any shareholder interested in obtaining a copy of the said information may write to the Company Secretary at the Registered Oce of the Company and the same will be furnished on request and the said information is also available on the website of the Company. None of the employees is covered under Rule 5(3)(viii) of the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014, as amended.

Corporate Social Responsibility (CSR)

As a member of The Linde plc Group, your Company has been a socially responsible corporate and our core values define the way we operate and create value within the larger society. Linde’s core principles and values form the basis of its CSR policy. Your Company is therefore, committed to behave responsibly towards people, society and the environment for inclusive growth of the society where we operate to conserve natural resources and to develop sustainable products. In line with its CSR Policy, Linde India’s CSR commitment centres around four thematic areas- Education, Health, Environment and Livelihood (Skill Development) and other areas specified in Schedule VII to the Companies Act, 2013.

Some of the CSR projects/initiatives taken up/sustained during the year under review included expenditure for education of underprivileged children through NGOs such as AIM for Seva in Lucknow and Unnao in the U.P., Disha Foundation in Kolkata, Prem Jyoti Prangan School in Jamshedpur, providing education & other support for blind children through Radhakrishna Drushtihina Vidyalaya in Rourkela and providing special education to di erently abled children through Indian Institute of Cerebral Palsy, Kolkata. Your Company also contributed for plantation of 2,500 trees in Sundarbans, West Bengal through Pangea Econetassets Private Ltd. fulfilling its commitment towards environment. Further, during the year, as a part of its endeavour to support disaster relief during the Covid-19 pandemic, the Company made a contribution of Rs. 25 lakhs to the PM CARES Fund, which was set up by the Government of India to combat, contain and provide relief from outbreak of the pandemic. Other such initiatives towards disaster relief included contribution to the NGO Goonj, towards distribution of Family kits for rehabilitation of victims of cyclone Amphan in Sundarbans in West Bengal and distribution of Family Kits amongst poor and needy in Kolkata and its suburbs for fighting Covid-19.

Your Company had spent a total amount of Rs.8.55 million during the year on its various CSR projects/activities as above, against the mandated CSR spend of Rs. 14.08 million as per the Companies Act, 2013. Your Directors wish to state that the CSR Committee and the Board of your Company had approved a total budget of Rs.14.11 million towards its various CSR projects vis-a- vis the statutory CSR spend of Rs. 14.08 million under the Companies Act, 2013. The budget included two main on-going CSR projects viz. the Driver Community project inter alia, covering defensive driver training to make our highways safer and Training of Mid Wives project for reduction of C Section deliveries in select identified parts of India. While the Company was able to implement several of its comparatively easier CSR initiatives, despite the challenges arising from the Covid-19 pandemic and the prolonged nationwide lockdown to prevent spread of the Covid-19, the aforesaid two main ongoing projects could not take o during the year. As such no spend against the budgeted amounts for these two projects could be made during the year. The Company has however, been able to identify the partner and sign the MOU with them for the projects to take them forward in the year 2021. The Board of Directors on the recommendation of the CSR Committee has agreed to carry forward the unspent amount of Rs.5.53 million to be additionally spend in the FY 2021 over and above the statutory CSR spend for the year 2021.

The details of the CSR projects/activities for the year 2020 are covered in the Annual Report on CSR activities, which is annexed to this Report. [Annexure 5]

Your Company encourages volunteering of services by its employees into its CSR initiatives, which are measured as employee days spent on CSR projects.

Business Responsibility Report

The Linde plc Group published a detailed Sustainable Development Report 2019 during the year under review, which is prepared in accordance with GRI standards. Linde plc Group’s mission of “making our world more productive” reflects its strong belief that Linde is part of the solution to the climate change challenges faced by the world. As a member of the Linde plc Group, your Company has adopted the various policies of its parent, that relate to the 9 principles laid down by Securities and Exchange Board of India for business responsibility reporting by the top 500 listed entities in India based on market capitalisation. As stipulated in Regulation 34(2) of the SEBI Listing Regulations, 2015, your Company has included a Business Responsibility Report as an integral part of the Annual Report for the year 2020 briefly describing initiatives taken by it from an environment, social and governance perspective during the year under review.

Corporate Governance

As a member of the Linde plc Group, your Company attaches great importance to sound responsible management and good corporate governance. Linde plc follows highest standards in corporate governance and has policies and international best practices to build a strong governance architecture. Your Company remains committed to business integrity, high ethical standards and professionalism in all its activities same as ever. As an essential part of this commitment, the Board of Directors of Linde India Ltd. supports high standards in corporate governance.

It is the endeavour of the Board and the executive management of your Company to ensure that their actions are always based on principles of responsible corporate management. In the Linde plc Group, corporate governance is seen as an on-going process. Your Company closely follows the developments in the governance norms and has taken lead in ensuring compliance with the same. A separate report on Corporate Governance along with the certificate of the Auditors, Deloitte Haskins & Sells, LLP, confirming compliance of the conditions of corporate governance, as stipulated under SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 forms an integral part of this annual report.

Board Meetings

A calendar of Board and Committee meetings is agreed and circulated in advance to the Directors. The Board met five times during the year under review, details where of are given in the Corporate Governance Report, which forms part of this Report.

Board Membership Criteria

The Nomination and Remuneration Committee of the Company identifies and ascertains the integrity, qualification, expertise, positive attributes and experience of persons for appointment as Directors and thereafter recommends the candidature for election as a Director on the Board of the Company. The Committee follows defined criteria in the process of obtaining optimal Board diversity which, inter alia, includes optimum combination of executive and non-executive directors, appointment based on specific needs and business of the Company, qualification, knowledge, experience and skill of the proposed appointee etc. The Policy on appointment and removal of Directors, Board Diversity Criterion and Remuneration to Directors/Key Managerial Personnel/ Senior Management forms part of the Nomination and Remuneration Policy of the Company, which is available on the Company’s website at www.linde.in.

Familiarisation Programme for Directors

In terms of Regulation 25(7) of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, your Company is required to conduct the Familiarisation Programme for Independent Directors (IDs) to familiarise them about their roles, rights, responsibilities in your Company, nature of the industry in which your Company operates, business model of your Company, etc., through various initiatives. The details of training and familiarization programmes for Directors has been provided under the Corporate Governance Report. Apart from the initial familiarisation program as above, presentations are made to the Board Members at almost all board meetings to enable them to familiarise and update themselves with the changes in the applicable legal framework, competition, industry specific developments, etc. The details of the familarisation programs held during and up to the year 2020 are available on the Company’s website www.linde.in.

Performance Evaluation

During the year, pursuant to provisions of Section 134, Section 149 read with Code of Independent Directors (Schedule IV) and Section 178 of the Companies Act, 2013 and SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, the Nomination and Remuneration Committee of the Board reviewed the process and criteria used in the previous year for evaluating the performance of the Board, its Committees, Chairman of the Board and the individual directors. Like the previous year, an online platform was provided to the Directors for participating in the performance evaluation process, which contained a structured questionnaire for seeking feedback from the directors on certain pre-defined attributes applicable to them, including some ones for the Independent Directors. More details about the performance evaluation process followed by the Board is provided in the Corporate Governance Report.

Declaration of Independent Directors

The Company has received declarations from all the Independent Directors of the Company confirming that they meet the criteria of independence as prescribed both under the Companies Act, 2013 and SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.

Certificate for non-disqualification of Directors

On an annual basis, the Company obtains from each Director, details of their Board and Committee positions he/she occupies in other Companies and changes, if any regarding their Directorships. The Company has obtained a certificate dated 27 February 2021 from M/s. P Sarawagi & Associates, Practicing Company Secretaries, confirming that none of the Directors on the Board of the Company have been debarred or disqualified from being appointed or continuing as Directors of companies by the Securities and Exchange Board of India or Ministry of Corporate Aairs or any such authority and the same forms part of this report.

Internal Control Systems and their adequacy

Your Company has an adequate system of internal control commensurate with the size and the nature of its business, which ensures that transactions are recorded, authorised and reported correctly apart from safeguarding its assets against loss from wastage, unauthorised use and removal.

The internal control system is supplemented by documented policies, guidelines and procedures. The Company’s Internal Audit Department continuously monitors the e ectiveness of the internal controls with a view to provide to the Audit Committee and the Board of Directors an independent, objective and reasonable assurance of the adequacy of the organization’s internal controls and risk management procedures. The Internal Audit function submits detailed reports periodically to the management and the Audit Committee. The Audit Committee reviews these reports with the executive management with a view to provide oversight of the internal control systems.

Your Board has in compliance with the Companies Act, 2013 and the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, approved several policies on important matters such as related party transactions, risk management, nomination and remuneration of directors and senior managers, whistle blower mechanism, CSR, insider trading, practices and procedures for fair disclosure of unpublished price sensitive information, materiality of events/ information, preservation of documents, etc., which provide robust guidance to the management in dealing with such matters to support internal control. The Company reviews its policies, guidelines and procedures of internal control on an on-going basis in view of the ever-changing business environment.

During the year, MSKA & Associates, were engaged by the Company for reviewing the framework of its existing internal financial controls across the Company and testing of the operating eectiveness of various internal controls in the organisation. MSKA & Associates has submitted a report to the Audit Committee on their findings based on the testing of the key controls for the year 2020. The Statutory Auditors of the Company have also independently reviewed internal financial controls over financial reporting and MSKA & Associates as well as the Statutory Auditors have confirmed that these controls were operating e ectively as at 31 December 2020. As stated in the Responsibility Statement, your Directors have confirmed that based on the reviews performed by the internal auditors, statutory auditors, cost auditors, secretarial auditors and the reviews undertaken by the management and the Audit Committee, the Board is of the opinion that the Company’s internal financial controls have been adequate and eective during the financial year 2020.

Directors

There has been no change in the Board of Directors of your Company since the last Annual General Meeting held on 18 September 2020.

Mr Robert John Hughes and Ms Cheryl Wei Ling Chan, who were earlier appointed as Additional Directors by the Board in the year 2019 were appointed as Directors of the Company at the 84th Annual General Meeting of the Company held on 18 September 2020.

Mr Robert John Hughes, a Non-Executive Director and Chairman of the Company retires by way of rotation at the ensuing Annual General Meeting and being eligible, oers himself for re-appointment. Necessary resolution for approval of re-appointment of Mr Hughes as a Director of the Company is included in the Notice of the ensuing Annual General Meeting. The Board recommends the aforesaid resolution for your approval.

Key Managerial Personnel

Pursuant to Section 203 of the Companies Act, 2013, the present Key Managerial Personnel of the Company are Mr Abhijit Banerjee, Managing Director, Mr Anupam Saraf, Chief Financial Ocer (CFO) and Mr Pawan Marda, Asst. Vice President and Company Secretary. During the year under review, Mr Subhabrata Ghosh, the erstwhile Chief Financial Ocer of the Company had resigned from the Company with eect from close of business hours on 16 October 2020. In view of Mr Ghosh’s resignation, Mr Anupam Saraf had been appointed by the Board as the Chief Financial Ocer of the Company with eect from 11 November 2020.

Directors’ Responsibility Statement

Based on the framework of internal financial controls and compliance systems established and maintained by the Company, audit and reviews performed by the internal auditors, statutory auditors, cost auditors, secretarial auditors and the reviews undertaken by the management and the Audit Committee, the Board is of the opinion that the Company’s internal financial controls have been adequate and eective during the financial year 2020.

As required by Sections 134(3)(c) and 134(5) of the Companies Act, 2013, the Directors to the best of their knowledge and belief state and confirm:

a. that in preparation of the annual financial statements for the year ended 31 December 2020, applicable accounting standards have been followed along with proper explanations relating to material departures, if any;

b. that they had selected such accounting policies and applied them consistently and made judgments and estimates that are reasonable and prudent so as to give a true and fair view of the state of aairs of the Company at the end of the aforesaid financial year and of the profit of the Company for that period;

c. that they had taken proper and su cient care for the maintenance of adequate accounting records in accordance with the provisions of the Companies Act, 2013 for safeguarding the assets of the Company and for preventing and detecting fraud and other irregularities;

d. that the aforesaid annual financial statements have been prepared on a going concern basis;

e. that they have laid down internal financial controls to be followed by the Company and that such internal financial controls are adequate and were operating eectively; and

f. that they had devised proper systems to ensure compliance with the provisions of all applicable laws and that such systems are adequate and operating eectively.

There have been no instances of fraud reported by the Statutory Auditors under Section 143(12) of the Companies Act, 2013 and the Rules framed thereunder.

Secretarial Standards

The Company has proper systems in place to ensure compliance with the provisions of the applicable standards issued by The Institute of Company Secretaries of India and such systems are adequate and operating eectively.

Related Party Transactions

All related party transactions entered during the year were in ordinary course of business and on arm’s length basis and the same have been disclosed under Note 45 of the Notes to the Standalone Financial Statements. No material related party transactions, that is, transactions exceeding 10% of the annual consolidated turnover as per the last audited financial statements were entered during the year by the Company. Accordingly, the disclosure of related party transactions as required under Section 134(3)(h) of the Companies Act, 2013 in Form AOC-2 is not applicable. Considering the dynamic business environment and the need to pursue growth opportunities, your Company expects that its transactions with any one or more of its related parties viz. Linde plc, Linde GmbH, The BOC Group Ltd. and Praxair India Private Ltd. from 1 January 2021 may meet the criteria of materiality as per the SEBI Listing Regulations, 2015. Your approval for the proposed material related party transactions is sought by way of an ordinary resolution, which forms part of the agenda of the 85th Annual General Meeting. Your Directors recommend the said ordinary resolution for your approval.

Conservation of Energy, Technology Absorption and Foreign Exchange Earnings and Outgo

Details of conservation of energy, technology absorption and foreign exchange earnings and outgo in accordance with Section 134(3)(m) read with Companies (Accounts) Rules, 2014 are annexed to this Report. [Annexure 6]

Annual Return and Extract of Annual Return

An extract of Annual Return as on the financial year ended

31 December 2020 in Form No. MGT-9 as required under Section 92(3) of the Companies Act, 2013 read with Rule 12(1) of the Companies (Management and Administration) Rules, 2014, as amended, is set out as an annexure to the Directors’ Report and forms part of this Annual Report. [Annexure 7].

A copy of Annual Return of the Company for the financial year ended 31 December 2019 in Form MGT-7 has been placed on the website of the Company at https://www.linde.in/en/images/Linde_Form_MGT-7_tcm523-635311.pdf.

Outlook

The Indian economy which had been slowing during most part of 2019, was jolted by the outbreak of Covid-19 pandemic towards the later part of March 2020. As a result of this, with a view to prevent the spread of Covid-19, countrywide lockdown was imposed by the Government of India eective from 25 March 2020. Several countries across the globe had to resort to similar lockdowns for extended periods resulting in a grave disruption to humanity as well as economic activities across the globe. As the lockdown in India was extended for prolonged period till 1 June 2020, the economy had to face a very challenging times with uncertainties and complexities arising out of Covid-19.

The gradual unlocking of the economy however, resulted in a V shape recovery on the back of pent up demand, with several industry segments including steel, automotive, pharmaceutical, chemicals, cement, food and beverages, power, engineering, construction, etc. delivering strong performance. Indian economy, in particular domestic steel demand, which is a major catalyst to the gases business has shown sustainable and robust signs of improvement since then with accommodative policies, government spending and relaxation in mobility restrictions. This has been evidenced by various economic indicators and data such as GST collections, E-way bills, etc. The Government of India’s stimulus measures and focus on the Atmanirbhar Bharat program is expected to result in sustainable revival in the economy.

The Covid-19 pandemic has also brought to the fore the urgency to ramp up the hospital infrastructure in the country as well as the supplies of medicines and oxygen, which augurs well for your Company. The revival of various other end user segments also shows signs of optimism for the fortunes of the gases industry in the medium to long term. The continued focus of the Company on its application technologies from the large suite of applications available within the Linde plc group, also augurs well for the company.

The Project Engineering Division enjoys comfortable order book, which stood at Rs.11,000 million as at 31 December 2020. The growth and expansion programs in the variousrefineries as well as the Steel sector are expected to create enormous opportunities for the Project Engineering Division.

While, the Indian growth story leads to optimism, the Covid-19 pandemic remains as an ongoing risk and the Company continues to deal with the same in its busines operations. Some concerns remain on the Covid front despite the vaccination drive initiated by the Government. However, your

Board and management team is confident ofthe technological support and resilient business model of Linde plc group in driving the profitable growth agenda and continues to stay focused on the business and the future potential of the Company.

Auditors

Statutory Audit

Messrs Deloitte Haskins & Sells, LLP, Chartered Accountants (Firm’s Registration No. 117366W/W-100018) was appointed as the Statutory Auditors of the Company at its 81st Annual General Meeting from the conclusion of the said meeting and hold o ce until the conclusion of the

86th Annual General Meeting in the year 2022.

The reports of the Statutory Auditors, Deloitte Haskins & Sells LLP, Chartered Accountants on the standalone and consolidated statements of the Company for the year 2020 form part of this Annual Report. The Statutory Auditors have submitted an unmodified opinion on the audit of financial statements for the year 2020 and there is no qualification, reservation, adverse remark or disclaimer given by the Auditors in their Report.

Secretarial Audit

The Board of Directors of the Company had appointed M/s. P Sarawagi & Associates, afirm of Company Secretaries pursuant to the provisions of Section 204 of the Companies Act, 2013 and the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014 for undertaking the secretarial audit of the Company for the year 2020. In terms of the provisions of Section 204(1) of the Companies Act, 2013, a Secretarial Audit Report dated 27 February 2021 in Form MR-3 given by the Secretarial Auditor is annexed with this Report. The observation made by the Secretarial Auditors in their Report about delay in transfer of 21,833 equity shares to the demat account of the IEPF Authority has been explained in the Investor Education and Protection Fund section of this report. The Report confirms that other than the above delay, the Company had complied with the statutory provisions listed under Form MR-3 and the Company also has proper board processes and compliance mechanism. The Secretarial Audit Report does not contain any qualification, reservation or adverse remark.[Annexure 8]

Cost Audit

In terms of Section 148 of the Companies Act, 2013, the Company is required to have the audit of the cost accounting records conducted by a Cost Accountant. Messrs Bandyopadhyaya Bhaumik & Co., a firm of Cost Accountants conducted this audit for the Company’s financial year ended 31 December 2019 and submitted their report to the Central Government in Form CRA 4 on 22 September 2020. The audit of the cost records for the year 2020 is being conducted by M/s. Mani & Co., the Cost Auditor appointed last year.

As already informed last year, with a view to get the benefits of rotation, the Board of Directors of the Company had on the recommendation of the Audit Committee appointed M/s. Mani & Co., Cost Accountants having registration no. 000004 as the Cost Auditor for the year ended 31 December 2020 to conduct cost audit under the Companies (Cost Records and Audit) Rules, 2014 as amended from time to time. In accordance with the provisions of Section 148(3) of the Companies Act, 2013 read with Rule 14 of the Companies (Audit and Auditors) Rules, 2014, the remuneration payable to the Cost Auditors as recommended by the Audit Committee and approved by the Board has to be ratified by the Members of the Company and appropriate resolution in this regard forms part of the Notice convening the AGM.

Acknowledgements

Your Directors thank the bankers, customers, dealers, suppliers and all other business associates and the shareholders of the Company for their continued support during the year under review. Your Directors also place on record their appreciation of the contribution made by the employees of the Company at all levels, more particularly the Covid warriors and the frontline distribution team for their unwavering commitment in combating the challenges posed by Covid-19.

Your Directors are also pleased to note the valuable support and cooperation received from the various Government departments and agencies amidst the challenging times and look forward to their continued support in the future. The Board is very thankful to the Linde plc Group for their strategic inputs, guidance and support in various operational and functional areas. This has helped the Company to attain higher standards in every sphere of performance.

Disclaimer

Certain statements in this report relating to Company’s objectives, projections, outlook, expectations, estimates, etc. may be forward looking statements within the meaning of applicable laws and regulations.

Although the Company believes that the expectations reflected in such forward looking statements are reasonable, no assurance can be given that such expectations will prove to have been correct. Accordingly, actual results or performance could di er materially from such expectations, projections, etc. whether express or implied as a result of among other factors, changes in economic conditions a ecting demand and supply, success of business and operating initiatives and restructuring objectives, change in regulatory environment, other government actions including taxation, natural phenomena such as floods and earthquakes, customer strategies, etc. over which the Company does not have any direct control.

On Behalf of the Board

R J Hughes A Banerjee
Chairman Managing Director
DIN: 08493540 DIN: 08456907
Thailand Kolkata
1 March 2021 1 March 2021

#MDEnd#

   

Linde India Ltd Company Background

Robert John HughesAbhijit Banerjee
Incorporation Year1935
Registered OfficeOxygen House,P 43 Taratala Road
Kolkata,West Bengal-700088
Telephone91-33-66021600,Managing Director
Fax91-33-24014206
Company SecretaryPawan Marda
AuditorDeloitte Haskins & Sells LLP
Face Value10
Market Lot1
ListingBSE,Kolkata,MSEI ,NSE,
RegistrarLink Intime India Pvt Ltd
Room No 502 & 503 ,5 Th floor ,Vaishno Chamber ,Kolkata-700001

Linde India Ltd Company Management

Director NameDirector DesignationYear
Arun Balakrishnan Non-Exec. & Independent Dir. 2020
Jyotin Mehta Non-Exec. & Independent Dir. 2020
Pawan Marda Company Secretary 2020
Shalini Sarin Non-Exec. & Independent Dir. 2020
Robert John Hughes Chairman (Non-Executive) 2020
Abhijit Banerjee Managing Director 2020

Linde India Ltd Listing Information

Listing Information
BSE_500
CNX500
BSESMALLCA
BSEALLCAP
BSEMETERIA
SML250
MSL400
NFTYLM250
NFTYMC150
NFTYMSC400
NF500M5025

Linde India Ltd Finished Product

Product NameUnit Installed
Capacity
Production
Quantity
Sales
Quantity
Sales
Value
Gases-Air Separation Unit CuM0001133.243
Vessels, Plants & Accessories NA 000275.615
Gases-Other Cylinder CuM00053.436
Others NA 0008.304
Interest Income on Finance LeaNA 0000.526
Other Operating revenues NA 0000
Air Separation/Cryogenic Eqpt.No 0000

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