Linde India Limited

What Linde India Limited does

Linde India Limited is a publicly listed (BSE/NSE ticker: LINDEINDIA) Indian subsidiary of the global industrial gases and engineering major Linde plc, headquartered in Kolkata with operations across India. The company produces and distributes atmospheric gases (oxygen, nitrogen, argon, CO2), specialty gases, rare gases (krypton, neon, xenon), helium, and medical gases (Oxygen IP, Nitrous Oxide IP, ENTONOX) through a multi-mode supply network covering cylinders, drum tanks, bulk liquid tankers, pipeline connections, and customer-dedicated on-site plants. Its Project Engineering Division designs, supplies, installs and commissions Air Separation Units (ASUs), hydrogen plants, nitrogen plants and UHP Electronics Gases Plants for industrial customers, with two new major ASUs of 1,450 tpd (Jindal Stainless Steel, Kalinganagar) and 900 tpd (ESL Steel, Bokaro) under execution.

Revenue is generated through a mix of recurring subscription-style supply contracts (cylinder, bulk and pipeline supply, on-site plants) and project-based one-time engineering sales across more than a dozen industrial verticals: chemicals, food and beverages, electronics (semiconductors, displays, solar, LEDs), healthcare, metals and mining, oil and gas upstream, refining, construction, pharma and biotech, plastics and rubber, power and low-carbon fuels, metal fabrication, and aquaculture. Application technology brands — ACCU-CHILL, CRYOLINE, MAPAX, PLASTINUM, CRYOCLEAN, REBOX and VAPORMATE — add process-specific value on top of commodity gas molecules for chilling, freezing, modified atmosphere packaging, foaming, cleaning and metal fabrication applications.

Linde India makes money primarily through direct enterprise sales (long-term supply contracts and engineering projects) to large industrial customers including SAIL, IOCL, Tata Steel, Asian Paints (Polymers) and major steel producers. Pricing is quote-based and not publicly disclosed. The go-to-market combines large-account field sales for on-site and pipeline customers, direct sales for packaged gas distribution across India, and project-based engineering engagements delivered by a dedicated division. The company is the post-merger continuation of BOC India, renamed in 2019 following the global Linde-Praxair merger that created Linde plc.

Name

Linde India Limited

Legal name

Linde India Limited

Website

https://lindeindia.in

Company type

Public

Operating status

Operating

Short description

Linde India Limited, a publicly listed Linde plc subsidiary, produces and distributes industrial, specialty, medical and electronics gases across India via cylinders, bulk, pipeline and on-site plants, and designs ASUs and hydrogen/nitrogen plants through its Project Engineering Division.

Ownership category

akta.pro rank

Product category

Industrial Gases

NAICS

Industrial Gas Manufacturing (32512), Industrial Gas Manufacturing (325120), Basic Chemical Manufacturing (3251)

SIC

Chemicals & Allied Products (2800), Miscellaneous Chemical Products (2890), Wholesale-Chemicals & Allied Products (5160)

akta.pro primary industry

Air Separation (Oxygen/Nitrogen/Argon) (IMAEACAA)

akta.pro secondary industries

Medical & Healthcare Gases (IMAEACAF), Food & Beverage Gases (Carbonation/Freezing/Packaging) (IMAEACAI), Process Gases & Gas Delivery Consumables (Specialty/Bulk/UHP) (HDAHAGAL), Specialty & Calibration Gas Mixtures (IMAEACAE)

Keywords

• Industrial gas supply
• Air separation units
• Medical gas systems
• Cryogenic chilling technology
• Specialty gas mixtures

Headquarters

HQ city

Kolkata

HQ country

India

HQ region

Asia

Offices2 records

Markets served

GTM type

B2B

Offering type

Hardware or Manufacturing

Cost components

Supply Chain, Operations, Infrastructure, Personnel, Technology or R&D, Marketing or Sales

Revenue model

1. Industrial Gases Sales: Production and sale of atmospheric gases (oxygen, nitrogen, argon, CO2), specialty gases, rare gases, and electronic gases through various supply modes including cylinders, bulk supply, and pipeline delivery
2. Project Engineering: Design, supply, installation, and commissioning of air separation units, hydrogen plants, nitrogen plants, and other engineering components for industrial customers
3. Medical Gases and Healthcare: Supply of medical gases including oxygen IP, nitrous oxide, ENTONOX, CO2 USP, and related medical gas pipeline systems to healthcare facilities
4. Equipment and Process Solutions: Sale of gas handling equipment, process solutions for food processing, surface finishing, welding, and safety applications

Go-to-market motion2 records

Distribution channels6 records

Marketing channels3 records

Core offering

Linde India Limited produces and supplies industrial gases (oxygen, nitrogen, argon, CO2, hydrogen, specialty gases, rare gases, helium) and medical gases through multiple supply modes including cylinders, bulk tankers, pipelines, and on-site generation plants. Its Project Engineering Division designs, supplies, installs, and commissions Air Separation Units (ASU), hydrogen plants, nitrogen plants, and ultra-high purity electronics gas plants for industrial customers in India.

Product overview

Linde India Limited offers a comprehensive portfolio of industrial gases, medical gases, and engineering solutions as a member of Linde Plc. The company provides atmospheric gases (oxygen, nitrogen, argon, carbon dioxide) and specialty gases through multiple supply modes including cylinders, bulk, pipelines, and on-site generation plants. The Project Engineering Division designs, supplies, installs, and commissions Air Separation Units, Hydrogen Plants, Nitrogen Plants, and UHP Electronics Gases Plants. Healthcare offerings include Medical Gas Pipeline Systems and medical gases (Oxygen IP, Nitrous Oxide IP, ENTONOX). Application technologies include ACCU-CHILL for cryogenic chilling, CRYOLINE for freezing, MAPAX for modified atmosphere packaging, PLASTINUM for CO2 foaming, CRYOCLEAN for cryogenic cleaning, and REBOX for metal fabrication applications.

Differentiator

Problem solved

Functional benefit

Brands

• MAPAX: Modified atmosphere packaging solutions for food preservation using bespoke gas mixtures
• ACCU-CHILL
• PLASTINUM
• CRYOCLEAN
• REBOX

Products and services

• Atmospheric Gases (Oxygen, Nitrogen, Argon, CO2)
• Specialty Gases
• Rare Gases (Krypton, Neon, Xenon)
• Helium
• Electronics Gases
• Air Separation Units (ASU)
• Hydrogen Plants
• Nitrogen Plants
• UHP Electronics Gases Plants
• Medical Gas Pipeline System
• Oxygen IP
• Nitrous Oxide IP
• ENTONOX
• Supply Modes (Cylinders, Bulk, Pipeline, On-Site)

Quantifiable outcome

• Shelf life extension for prepared foods from 1 week to several weeks with MAPAX
• +2 more outcomes

Segments13 records

Ideal customer profiles6 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature7 records

Partnerships

Eight partnerships are on record, tiered core and minor.

• Asian Paints (Polymers) Private LimitedcoreStrategic or Co-development Partner · 13 March 2025Long-term supply contract for industrial gases. Linde India to supply gases to support Asian Paints' polymer manufacturing operations.
• Tata Steel LimitedcoreStrategic or Co-development PartnerPlant Sale Agreement for divestment of specified assets. Linde India divesting certain plant operations to Tata Steel as part of strategic business optimization.
• Steel Authority of India Limited (SAIL)coreStrategic or Co-development PartnerAwarded 'Letter of Acceptance' by SAIL for gas supply and related services to steel manufacturing operations.
• Indian Oil Corporation Limited (IOCL)coreStrategic or Co-development PartnerAwarded 'Letter of Acceptance' by IOCL for gas supply and related services to refinery operations.
• Praxair India Private LimitedcoreStrategic or Co-development PartnerJoint venture approval for potential future integration of Linde India and Praxair India operations under Linde plc umbrella.
• Jindal Stainless SteelcoreStrategic or Co-development PartnerSetting up 1,450 tpd new ASU at Jindal Stainless Steel works at Kalinganagar for industrial gas supply.
• ESL Steel Ltd. (Bokaro)coreStrategic or Co-development PartnerApproval for setting up 900 tpd ASU at ESL Steel Ltd., Bokaro for gas supply to steel operations.
• HPS Gases Ltd.minorStrategic or Co-development PartnerAcquisition of packaged gases business of HPS Gases Ltd., Vadodara to expand packaged gas distribution network.

Scale indicators1 record

Recent moves10 records

Expansion highlights6 records

Regional players

• National Oxygen Limited: National Oxygen is an India-listed industrial and medical gas company with domestic manufacturing and distribution. Comparable to Linde India on industrial and medical gases at a smaller, more domestically focused scale, often competing in price-sensitive mid-market segments.
• SOL Group: SOL Group is a European-based industrial and medical gases company with growing presence in emerging markets including India (SOL India). Comparable as a multi-region industrial gas player, though smaller in scale and primarily focused on medical/homecare and packaged gases in India.
• Ellenbarrie Industrial Gases: Ellenbarrie Industrial Gases is an Indian industrial and medical gas producer (part of the SK Group/Air Water alliance). Competes with Linde India primarily in eastern and southern India on atmospheric, specialty, and medical gases for regional industrial and healthcare customers.
• Bhoruka Gases: Bhoruka Gases is an Indian industrial and specialty gas company with regional operations. Overlaps with Linde India on atmospheric and specialty gases for steel, engineering, and chemical customers in India, but at a smaller, more regional scale.

Broad incumbents

• Iwatani Corporation: Iwatani is a Japanese industrial gases and energy company with leadership in hydrogen and helium. Comparable to Linde India on industrial/medical gases and increasingly on hydrogen mobility infrastructure, with selective overlap in Asian electronics and specialty gas markets.
• Air Products and Chemicals: Air Products is a global industrial gases giant with Indian operations via INOX Air Products and direct presence. Overlaps with Linde India across hydrogen, ASU, and electronics gases, though Air Products' portfolio extends broadly into LNG, turbomachinery, and large-scale hydrogen mega-projects globally.
• Taiyo Nippon Sanso Corporation (Nippon Sanso Holdings): Taiyo Nippon Sanso / Nippon Sanso Holdings is a major global industrial gases group with operations in Japan, the US (Matheson), Europe, and Asia. Comparable to Linde India across atmospheric and specialty gases, with growing Indian and Asian footprint and overlap in electronics gases.

Direct peers

• Air Liquide India: Indian arm of Air Liquide, the global industrial gases major. Competes head-to-head with Linde India in atmospheric gases, electronics specialty gases, and on-site plant installations for refining, steel, and chemical customers across India.
• INOX Air Products: INOX Air Products is a leading Indian industrial and medical gas company and a joint venture between INOX Group and Air Products. It directly competes with Linde India in atmospheric gases, specialty gases, medical gases, and on-site ASU supply across India.

Others

• Messer Group: Messer is a privately held global industrial gases company (Messer SE & Co. KGaA) operating across Europe, the Americas, and Asia. Comparable to Linde India in atmospheric, specialty, and medical gases, with growing presence in Asia-Pacific and competing on similar customer verticals.

Market position

Strengths4 records

Weaknesses4 records

Competitive moat5 records

Key risks5 records

Key highlights6 records

Customer concentration

• Xx.com/lindegroup
• YouTubeyoutube.com/lindegroup
• LinkedInlinkedin.com/company/linde

Revenue estimate

Valuation estimate

Number of profiles

Profiles6 records

Subsidiaries4 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Linde India Limited