Linde group operates in India through Linde India Limited (75% ownership by Linde plc), Praxair India Private Limited (100%), Linde Engineering India Private Limited (100%), Linde Global Support Services Pvt Limited (100% owned Global Captive Centre, GCC) and Linde South Asia Services Limited (owned jointly by Linde India and Praxair India, to manage the operations and maintenance of the facilities set-up/owned by both entities). In addition, Lind plc is servicing clients in India directly.

As the India business grows, and newer opportunities like chip manufacture picks up in India, the additional and more complex gas requirements of the economy, will need to be met. Which group entity gets to service the sector – the parent company directly, the wholly owned subsidiary or one in which the economics are shared with public investors. a multiplicity of entities enables MNC’s to choose which entity will pursue the newer opportunities, which has a bearing on its profitability.

Global companies struggle to deal with listed subsidiaries in India, given that in most markets they operate through wholly owned subsidiaries. They need not. The same governance framework that applies to the parent and globally, should also apply to businesses in India. Loyalty to the parent is one thing, but it cannot be at the expense of the Duty of Care owed to public shareholders of a listed company.

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