BusinessWire India
New Delhi [India], October 27: Air Liquide announces today that it has entered into an agreement to acquire the India operations of NovaAir, a leading industrial gas producer and supplier, from PAG, an Asia-focused private equity firm. This acquisition represents another investment for the Group in the country and a strategic milestone in its Indian growth story.
Founded in 2019, NovaAir is a full-service industrial gases platform supplying bulk industrial gases, critical specialty gases, and providing onsite services and EPC (Engineering, Procurement and Construction) support to its clients in the key industrial regions of East and South India. The company serves customers in the steel, automotive, fabrication, electronics, photovoltaic and healthcare industries, among others.
The acquisition of NovaAir complements Air Liquide’s existing operations in the North and West of the country, bringing a large project portfolio managed by an experienced team. Through this operation, the expanded geographical reach will substantially strengthen Air Liquide’s footprint in the industrial merchant market, allowing it to better serve customers in the growing automotive, metals, electronics and healthcare sectors.
This acquisition follows a series of recent investments in India by Air Liquide, underscoring the Group’s commitment to investing in the long-term growth opportunities of the Indian market. Air Liquide has been present in India since 1992 and has solid ambitions in this country. The Group’s operations in India encompass the supply of industrial and medical gases, engineering and construction services, cryogenic equipment manufacturing, medical systems for healthcare and the development of speciality chemical ingredients.
Emilie Mouren-Renouard, member of Air Liquide’s Executive Committee, notably in charge of supervising activities in India, stated: “This acquisition represents a new step in our development in India. It demonstrates our long-term commitment to supporting the country’s industrial and healthcare development. This acquisition will significantly enhance our capacity to serve customers from small and medium enterprises to large industrial players, across a wider geographic footprint. It is another illustration of the growth potential of the Group.”
Nikhil Srivastava, Partner and Co-Head of Private Equity for PAG, said: “Under PAG’s ownership, NovaAir has become one of India’s fastest growing industrial gases platforms, serving blue-chip clients with a skilled management team of industry veterans, a strong focus on customer service, and world-class safety and environmental standards. We are proud to support the company as it embarks on its next stage of growth in partnership with Air Liquide, serving the needs of India’s fast-growing economy.”
Gajanan Nabar, Chief Executive Officer of NovaAir, stated that: “This transaction immensely enhances the value addition to NovaAir’s customers by combining NovaAir’s demonstrated organizational agility, strong execution capabilities and deep local customer relationships with Air Liquide’s state-of-the-art technological prowess and global connect. This is a decisive step towards providing our Indian customers with ‘The Real Alternative.'”
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