Indian promoters buy out 51pc stake in Ellenbarrie from Air Water Inc

By: |
August 09, 2021 5:25 PM

The space is dominated by global leaders like Linde, Air Liquide and the acquisition made Ellenbarrie again a 100 per cent Indian company.

The greenfield plant is expected to go commercial production in the second half of 2022 and will cater to its growing clientele in Andhra Pradesh, Telangana and Karnataka.The greenfield plant is expected to go commercial production in the second half of 2022 and will cater to its growing clientele in Andhra Pradesh, Telangana and Karnataka.

Indian promoters of Ellenbarrie Industrial Gases Ltd, in a buyback arrangement, acquired 51 per cent stake of the company from Japanese industrial gas major Air Water Inc at an undisclosed sum, an Ellenbarrie official said on Monday.

The space is dominated by global leaders like Linde, Air Liquide and the acquisition made Ellenbarrie again a 100 per cent Indian company.

In 2013, the Kolkata-based promoters had sold the company’s 51 per cent stake to Air Water Inc and delisted Ellenbarrie from bourses.

“Ellenbarrie Industrial Gases Ltd is now the largest Indian-owned industrial and medical gas company, in a space dominated by the multinational companies,” Ellenbarrie ED, Varun Agarwal, said. The company has not decided yet about listing it again, he said.

“We have commenced a major expansion of 600 MT per day at an investment of Rs 250 crore located in Kurnool, Andhra Pradesh, Agarwal said.

The greenfield plant is expected to go commercial production in the second half of 2022 and will cater to its growing clientele in Andhra Pradesh, Telangana and Karnataka.

The company said it has further increased its manufacturing portfolio by adding a high-purity hydrogen plant in Uluberia, West Bengal, Agarwal said. Air Water Inc continues to operate in India through another entity, Air Water India.

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