PARIS: Air Liquide, a global leader in industrial and medical gases, has announced the acquisition of NovaAir, a prominent Indian industrial gas producer and supplier, from Asia-focused private equity firm PAG.
This strategic acquisition marks a significant step in Air Liquide’s ongoing expansion in India, enhancing its presence in key industrial regions and sectors.
Founded in 2019, NovaAir operates as a full-service industrial gases platform, supplying bulk and specialty gases, onsite services, and Engineering, Procurement, and Construction (EPC) support.
The company serves critical industries such as steel, automotive, fabrication, electronics, photovoltaics, and healthcare, primarily in East and South India.
The acquisition complements Air Liquide’s existing operations in North and West India, creating a more balanced national footprint. It also brings a valuable portfolio of projects and an experienced team, enabling Air Liquide to better serve a diverse customer base—from SMEs to large industrial players—in high-growth sectors.
Emilie Mouren-Renouard, a member of Air Liquide’s Executive Committee overseeing Indian operations, commented: “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.”
Air Liquide has been active in India since 1992 and continues to view the market as a strategic growth opportunity. The Group’s activities in the country span industrial and medical gas supply, engineering, cryogenic equipment manufacturing, and specialty chemicals.
This transaction follows a series of recent investments by Air Liquide in India, reinforcing its commitment to the region’s long-term economic and industrial growth.