Japanese industrial gas supplier buys Indian ops for $194m


Japanese industrial gas supplier buys Indian ops for $194m

Japanese industrial gas producer Air Water said Wednesday that it will acquire Indian facilities from German peer Linde for 13.8 billion rupees ($194 million), as the company stretches its footprint in India from the northeast into much of the south.

Air Water looks to capture demand from India’s expanding steel manufacturing sector, as well as from the automotive industry. The company will take over three locations from Linde: a gas plant in the southern state of Karnataka, and cylinder filling stations in the southern cities of Hyderabad and Chennai. These operations took in combined sales of 3.87 billion rupees in 2018.

The gas plant, located at a steel production center operated by India’s JSW Steel, delivers oxygen to blast furnaces. The cylinder filling stations are located in the heart of India’s auto industry, from which Air Water foresees growing gas sales.

Air Water entered India in 2013 when it bought out local supplier Ellenbarrie Industrial Gases. This operation mostly transported gas to metalworking companies in eastern India. Read More

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