November 20, 2019: NovaAir, a wholly owned subsidiary of Yingde Gases - the largest industrial gas supplier in China - has formally commenced operations in India. Established in November 2019, NovaAir is headquartered in Mumbai, with additional offices in Bangalore and Delhi. NovaAir aims to become one of the leading industrial gas suppliers in India over a three-to-five year horizon. NovaAir (like its parent company Yingde Gases) is a full-service company with its own design and project execution teams, which will take advantage of industry-leading technologies of Yingde Gases. NovaAir also intends to develop a robust supply chain network with strong application support for its customers across the country.
Yingde Gases and NovaAir see exciting opportunities in this market which will allow NovaAir to invest hundreds of millions of dollars over the next few years to meet growing customer demand. NovaAir’s first investment of approximately $60 million will go toward completing four air separation plants near Hyderabad, Chennai, Mumbai and Delhi, which will cater to over 100 leading customers in the automotive, auto-ancillary, solar, pharmaceutical, defence and primary metals industries. These plants will be built with best-in-class safety and reliability standards and in line with NovaAir’s vision to provide a dependable alternative for industrial gas customers, while creating value for them.
NovaAir plans to be fully operational with its first plant near Chennai by March 2021. The second plant near Hyderabad is expected to be operational by June 2021. The first phase of invest by Yingde Gases will create approximately 600 direct and indirect new jobs.
Yingde Gases is one of the leading industrial gas players in the world and is the largest independent industrial gas supplier in China. Yingde Gases has a strong legacy of highly reliable plant operation, efficient project execution, and delivering the most cost-competitive solutions to its customers. Yingde Gases has expertise in all bulk atmospheric gases (oxygen, nitrogen, argon) as well as hydrogen and gasification technologies.
Mr. Gajanan Nabar, Managing Director and CEO of NovaAir said, “as the demand for industrial gases in India increases, we see a market that is becoming more consolidated and less customer-focused. Our goal is to counter that trend by setting industry-leading standards in safety, reliability and quality assurance, while constantly working to reduce overall costs to the consumer.”
Mr. Nabar further added “At NovaAir, we are very excited to bring state-of-the-art industrial gas offerings to India. NovaAir offers customized solutions for its customers previously unavailable in this market. With experience, excitement and energy, we are poised to become one of the leading industrial gas operators in India over the next five years.”
Mr. Frank Li, CEO of Yingde Gases said, “We are very excited to establish NovaAir and invest in the very attractive India market. We see so many opportunities for growth here -- opportunities where Yingde’s own best practices and expertise will add significant value. Indian companies and products are globally competitive and Yingde Gases and NovaAir hope to partner with and support our customers to achieve even more.”
NovaAir is a wholly-owned subsidiary of Yingde Gases. NovaAir will cover the entire spectrum of industrial gases operation, including plant design and construction, operations, quality assurance, distribution and application support. NovaAir will produce, supply and distribute a variety of industrial gases to its customers from a number of locations in India, with oxygen, nitrogen and argon being the company’s main gas products.
About Yingde Gases:
Yingde Gases is the largest industrial gases producer in China, and one of the largest in Asia. In 2018, Yingde Gases generated revenue of $1.9 Billion. Yingde Gases operates air separation units in the most developed industrial corridors in China, supplying bulk and other specialty gases to customers in the iron and steel, chemicals, electronics, and energy industries. Its onsite oxygen production capacity was ~70,000 tons/day at the end of 2018. Yingde Gases has a track record of excellence in engineering, designing, installing and operating air separation units according to client and site specifications, with the engineering capability and capacity to manage multiple projects across geographic regions. In particular, Yingde Gases is one of the most experienced industrial gases suppliers to the steel industry globally, serving some of the largest steel producers in the world. Yingde Gases is a portfolio company of PAG, a leading Asia-focused investment firm with offices across Asia including Mumbai, and funds under management of over US$32 billion. Yingde Gases is headquartered in Shanghai, China.