Air Liquide announced it has signed an agreement to acquire NovaAir, an Indian producer and distributor of industrial gases. The transaction, concluded with Asia-Pacific investment firm PAG, marks a strategic step in the French group’s expansion in the Indian market, where it has been present for over three decades. This move follows a series of recent investments made by the group in the country.
Founded in 2019, NovaAir offers a full-service platform for industrial gases, including bulk gas supply, essential specialty gases, on-site services, and engineering, procurement, and construction (EPC) project support. Based mainly in the industrial regions of eastern and southern India, the company serves a variety of sectors such as metallurgy, automotive, manufacturing, electronics, photovoltaics, and healthcare.
Strengthening nationwide geographic coverage
The acquisition enables Air Liquide to complete its geographical footprint in India, where its activities were previously concentrated in the north and west. By integrating NovaAir, the group extends its presence nationwide while consolidating its position in the Industrial Merchant market. The new entity will support growing demand across several strategic sectors vital to the country’s development.
The agreement also includes the transfer of a wide-ranging industrial project portfolio managed by an experienced team. This operational synergy is expected to accelerate the deployment of new projects in the targeted regions, particularly in the fields of local production and on-site services for industrial clients.
Growth prospects in the Indian market
Air Liquide considers the Indian market a priority area for development. Since 1992, the group has operated locally across various segments, including industrial and medical gas supply, engineering services, cryogenic equipment manufacturing, as well as medical systems and specialised chemical ingredients. This acquisition reinforces the group’s long-term commitment to the country’s growth dynamics.
The deal, for which the amount was not disclosed, comes amid rising demand for industrial infrastructure and secure gas supply. The expanded territorial coverage is expected to improve service access for manufacturers located in emerging regions.
“This acquisition marks a new stage in our development in India,” said Emilie Mouren-Renouard, member of Air Liquide’s Executive Committee. “It will strengthen our ability to support clients, from small and medium enterprises to large industrial players, across a wider geographical area.”
