Industrial gases major, Linde India Ltd, will be investing Rs 500 crore in Andhra Pradesh, according to its Managing Director Moloy Banerjee.

"We are in advanced stage of discussions and expect financial closure for the proposed projects before end of this year,’’ he said in a press conference to announce the launch of a light-weight medical oxygen cylinder here on Wednesday.

The group had earlier announced its plans to set up an air separation plant and a lab for food processing industry for cryogenic freezing.

The lab will come up near Bhimavaram in West Godavari District of Andhra Pradesh, while the location for air separation unit is yet to be finalised.

Linde India Ltd, an arm of the multi-national Linde Group which was present in India since 1935, had clocked Rs 1,500 crore revenue for the year ended December 2015 and is expecting to close the current financial year with about Rs 1,600 crore turnover, he said.

New cylinder

The company has launched Linde Integrated Valve (LIV) medical oxygen cylinder that comes in a light-weight aluminium cylinder with a latest integrated valve for the first time in India.

"Weighing under six kg, the cylinder is the lightest medical oxygen cylinder available in India,’’ Banerjee said. It has a built-in gas regulator and flow selector which enables a caregiver to dispense oxygen to patient safely and easily, he added.