LEHIGH VALLEY, Pa.,
April 20, 2017 /PRNewswire/
-- Air Products (NYSE: APD) today announced that INOX Air
Products Ltd., its joint venture (JV) in India, will build six new air separation units
(ASU) which will serve the growing onsite and merchant liquid
industrial gases market in India.
The six plants are scheduled to come onstream during the course of
2018 and 2019.
"The investment in this capacity will bring much needed product
into the Indian market. As one of the fastest growing economies in
the world, we continue to invest in these projects to ensure that
we are in the best position to support the continued growth of the
India Economy in general, and the manufacturing industry in
particular. The positioning of this capacity in key industrial
regions will enable us to serve our customers with market leading
efficiency and reliability," said Siddarth
(Sid) Jain – director, INOX-Air Products.
"We are very pleased to be able to announce these investments,
totaling over $100 million. We are
proud to be able to play our part in making 'Make in India' a reality, as efficient and reliable
supplies of industrial gases are a key enabler for manufacturing,"
added Richard Boocock, president - Air Products Industrial Gases,
Middle East, India, Egypt
and Turkey.
In building these six new plants, INOX Air Products' industrial
gas market presence in India will
continue to grow, and further strengthens the already established
leadership position the company has in the merchant industrial
gases market in India.
The plants will have a combined capacity of over 1,200 metric
tonnes per day of liquid product and will serve a variety of
regional markets and industry segments across India such as: iron and steel making, glass
manufacturing and pharmaceuticals.
About Air Products
Air Products (NYSE: APD) is a world-leading Industrial Gases
company in operation for over 75 years. The Company's core
industrial gases business provides atmospheric and process gases
and related equipment to manufacturing markets, including refining
and petrochemical, metals, electronics, 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 2016 sales of $7.5
billion from continuing operations in 50 countries and has a
current market capitalization of approximately $30 billion. Approximately 16,000 employees are
making Air Products the world's safest and best performing
industrial gases company, providing sustainable offerings and
excellent service to all customers. For more information, visit
www.airproducts.com.
About INOX Air Products
Head-quartered in Mumbai, INOX
Air Products is Air Products' joint venture in India. The company has more than 35 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 and Chemicals, Inc. (APD). All Air Products activities in
India are channelled through this
company.
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,
2016.
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SOURCE Air Products