MUMBAI, India, Jan. 17, 2019 /PRNewswire/ -- Air Products
(NYSE:APD) joint venture (JV) in India today marked a major milestone as INOX
Air Products Pvt Ltd. celebrates 20 successful years of
business in India. The milestone
marks one of the longest-lasting Indo-American JVs in India. The achievement comes at a time when
the JV recently brought onstream the first of six liquefiers which
will serve the growing onsite and merchant liquid industrial
gases market in India.
"I am exceptionally proud to celebrate this 20-year anniversary
with our partners, the Jain Family. INOX Air Products is one
of our company's most successful joint ventures. We have had
a thriving presence in India for
two decades and the future prospects, for both the JV and Air
Products, are very encouraging with the projected growth of the
economy in the country, and along with it the increased use of
industrial gases," said Seifi
Ghasemi, Chairman, President, and Chief Executive Officer at
Air Products.
"It has been truly an exciting journey working with our partners
at Air Products, having grown INOX Air Products significantly over
the past 20 years by leveraging our combined strengths. As
India becomes the world's fastest
growing economy, the future holds great potential for the JV as we
continue to invest in expanding our network capacity to support the
growing manufacturing sector," said Pavan Jain, Chairman and
Managing Director at INOX Air Products.
The anniversary is highlighted by the JV's current project,
which entails bringing on six industrial gas liquefiers to serve
the growing onsite and merchant liquid industrial gas market in
India. The first liquefier is already onstream and the
remaining five will be brought onstream over the next year. The six
plants, with a $100 million-plus
combined investment, will have a total production capacity of over
1,200 metric tonnes per day (TPD) of liquid product.
The partnership started in 1999 when Air Products acquired a 50
percent equity stake in Industrial Oxygen Company Ltd. and became
an equal joint venture partner with the Jain Family. Through a
series of strategic acquisitions that began in the year 2000 and
culminated in the year 2015 with that of ESSAR Steel's 5,100 TPD
air separation unit, the joint venture partnership quickly
established leadership positions in the onsite, merchant and
packaged gas businesses.
Over the past two decades, INOX Air Products has continued to
invest ahead of the curve by enhancing its capacity, geographical
reach and technological capabilities thereby consolidating its
position as one of the largest integrated industrial gases players
with a national footprint. Throughout its history, INOX Air
Products has earned a reputation for developing and growing
leadership positions in the merchant industrial gases market in
India and has continued to apply
its engineering and technological know-how to deliver a wide
portfolio of customized solutions for its diversified customer
base.
Today, INOX Air Products has more than 40 operating locations
and 1,200 employees throughout India and is one of largest manufacturers and
suppliers of industrial and medical gases including: oxygen,
nitrogen, helium, carbon dioxide, hydrogen, and specialty gas
mixtures throughout the country. The company specializes in
providing products, technologies and services to a vast
cross-section of industries including the chemical, pharmaceutical,
metals, steel, food, wastewater treatment, cement, glass, textiles,
paint, medical and pulp and paper sectors, among other markets. It
is also the largest supplier of gases to the healthcare segment
nationally.
About Air Products
Air Products (NYSE: APD) is a
world-leading industrial gases company in operation for over
75 years. The company provides industrial gases and related
equipment to dozens of industries, including refining, chemical,
metals, electronics, manufacturing, and food and beverage.
Air Products is also the world's leading supplier of liquefied
natural gas process technology and equipment.
The Company had fiscal 2018 sales of $8.9
billion from operations in 50 countries and has a current
market capitalization of about $35
billion. Approximately 16,000 passionate, talented and
committed employees from diverse backgrounds are driven by Air
Products' higher purpose to create innovative solutions that
benefit the environment, enhance sustainability and address the
challenges facing customers, communities, and the world. For more
information, visit www.airproducts.com.
About INOX Air Products
Headquartered in Mumbai, INOX Air Products is Air Products'
joint venture in India. The
company has more than 40 operating locations and 1,200 employees
throughout India.
INOX Air Products Ltd manufactures and supplies industrial gases
including oxygen, nitrogen, helium, carbon dioxide, hydrogen, and
speciality gas mixtures throughout India. The company specialises in providing
products, technologies and services to a vast cross-section of
industries including the chemical, pharmaceutical, metals, steel,
food, waste water treatment, cement, glass, textiles, paint,
medical and pulp and paper sectors, to name but a few. INOX Air
Products Ltd is a joint venture company owned jointly by the Jain
family (former owners of the Industrial Oxygen Company) and Air
Products.
Air Products in India
Since 2009, Air Products has expanded its industrial gas operations
and supply presence in India as an
engineering company. From an engineering center based in
Pune, the company provides
technology and equipment for air separation, hydrogen generation
and associated technologies for industrial gases
applications.
In 2018, Air Products signed a long-term agreement with Bharat
Petroleum Corporation Limited (BPCL) to build, own and operate a
new syngas production facility at the BPCL Kochi Refinery in
India. Air Products already
operates a world-scale industrial gas complex which was
commissioned in 2017 to support the BPCL Integrated Refinery
Expansion Project at the same location. For more information, visit
www.airproducts.in.
NOTE: This release may contain forward-looking statements
within the safe harbor provisions of the Private Securities
Litigation Reform Act of 1995. These forward-looking statements are
based on management's reasonable expectations and assumptions as of
the date of this release regarding important risk factors. Actual
performance and financial results may differ materially from
projections and estimates expressed in the forward-looking
statements because of many factors not anticipated by management,
including risk factors described in the company's Form 10K for its
fiscal year ended September 30,
2018.
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SOURCE Air Products