Linde to Build Demo Labs to Boost Food Freezing Biz in India
Having signed a Rs 500-crore investment deal with Andhra Pradesh government for freezing sea food, German gases and engineering company Linde Group now seeks to replicate the model in other parts of India by building demo labs and investing in production units.
Its Indian unit, Linde India in a statement said it uses a “German technology for freezing food items in cold chain systems so that the food is perfectly preserved without even a formation of ice crystals”.
Linde India’s net profit for the year ended December 2015 stood at Rs. 23.5 crore, a significant improvement over Rs 5.4 crore in the previous year. It also showed ‘deferred tax assets’ of Rs 22.1 crore which can be used to offset future tax liabilities for its investments under Section 32AC of the Income Tax Act.
Net income from operations for the year ended December stood at Rs 1,566 crore, a growth of 5% over the previous year. Revenue from the gases segment grew by 7% during the year while the turnover of the engineering business was lower by 3%.
The profit before exceptional items and taxes amounted to Rs 10 crore, an improvement over Rs 3.6 crore in the previous year. Exceptional items mainly on account of voluntary retirement payments made during the year amounted to Rs 9.5 crore.