Air Liquide Acquires Yingde Gases' Overseas Brand NovaAir
On October 27, Air Liquide announced it has reached an agreement with private equity firm PAG to acquire NovaAir, a leading industrial gas company in India. This acquisition represents another strategic investment by Air Liquide in the Indian market and a significant milestone in its development journey within the country.
NovaAir, an overseas brand of Yingde Gases, was established in 2019. Its operations cover major industrial zones in Eastern and Southern India, providing customers with bulk industrial gases, key specialty gases, as well as on-site services and EPC (Engineering, Procurement, and Construction) support.
NovaAir's footprint in the South-Eastern region of India complements Air Liquide's existing operations in the Northern and Western parts of the country, bringing a portfolio of large projects managed by an experienced team. Through this acquisition, the Group's geographical coverage in the merchant market will be significantly expanded, thereby enhancing its ability to serve customers in fast-growing sectors such as automotive, metals, electronics, and healthcare.
Emilie Mouren-Renouard, Member of the Air Liquide Group's Executive Committee supervising India, stated: "This acquisition marks a new milestone in our development journey in India, demonstrating our long-term commitment to supporting the country's industrial and healthcare growth. It will significantly enhance our ability to serve customers, ranging from small and medium-sized enterprises to large industrial companies, and further expand our geographical footprint. This, once again, confirms the Group's growth potential."
Nikhil Srivastava, Partner and Co-Head of Private Equity at PAG, said: "During PAG's ownership, NovaAir has become one of the fastest-growing industrial gas platforms in India, serving blue-chip customers with an experienced industry-senior management team, a customer-service-focused operating philosophy, and world-class safety and environmental standards. We are proud to have supported the company and to see it embark on this next phase of growth with Air Liquide, serving the needs of India's rapidly developing economy."
Gajanan Nabar, CEO of NovaAir, stated: "This transaction combines NovaAir's proven organizational agility, strong execution capabilities, and deep local customer relationships with Air Liquide's cutting-edge technological expertise and global network advantages, significantly enhancing the value proposition for customers. This is a key step towards providing Indian customers with a 'true alternative'."
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