Air Liquide announced that it has entered into an agreement to acquire NovaAir, a leading industrial gas producer and supplier in India, from PAG, an Asia-focused private equity firm. The acquisition marks a significant milestone in Air Liquide’s growth strategy for India, reinforcing its commitment to expanding its presence and capabilities in one of the world’s fastest-growing industrial markets.
Expanding Presence in a Strategic Market
The acquisition represents another major investment for Air Liquide in India, underscoring the Group’s confidence in the country’s industrial growth potential. By integrating NovaAir into its operations, Air Liquide will significantly strengthen its ability to serve a wider customer base across multiple regions and industries.
Founded in 2019, NovaAir has rapidly grown into a comprehensive industrial gases platform, offering bulk industrial gases, specialty gases, and on-site services, along with Engineering, Procurement and Construction (EPC) support. The company serves a broad range of sectors including steel, automotive, fabrication, electronics, photovoltaic, and healthcare — all of which are vital to India’s manufacturing and energy transition goals.
Complementary Strengths and Enhanced Coverage
NovaAir’s strong presence in East and South India complements Air Liquide’s well-established operations in the North and West. Together, they create a truly pan-India footprint for the Group. This expanded reach will enable Air Liquide to offer integrated gas supply solutions and enhanced service reliability to customers nationwide. With NovaAir’s experienced project management team and large-scale industrial portfolio, Air Liquide will accelerate growth in the industrial merchant market. It will also cater to rising demand across high-growth sectors such as automotive, metals, electronics, and healthcare.
Strengthening Long-Term Commitment to India
The acquisition follows a series of strategic investments by Air Liquide in recent years. It reflects the company’s deep and sustained commitment to the Indian market. Since entering India in 1992, Air Liquide has progressively built a diversified business that spans:
*Supply of industrial and medical gases
*Engineering and construction services
*Cryogenic equipment manufacturing
*Medical systems for healthcare
*Development of specialty chemical ingredients
The operations collectively demonstrate the Group’s long-term vision to support India’s industrial development and healthcare infrastructure.
Leadership Perspective: A New Chapter of Growth
Emilie Mouren-Renouard, member of Air Liquide’s Executive Committee overseeing activities in India, said, “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. This acquisition will significantly enhance our capacity to serve customers—from small and medium enterprises to large industrial players—across a wider geographic footprint. It is another illustration of the growth potential of the Group.”
Looking Ahead
As per the company press release, with the addition of NovaAir, Air Liquide is poised to leverage synergies in technology. It will also strengthen logistics and customer service. This will position the company as a stronger partner for India’s rapidly expanding industrial ecosystem. This move reinforces the Group’s leadership in the industrial gases sector. It also aligns with its global strategy to drive sustainable growth through innovation, operational excellence, and long-term partnerships in emerging markets.
