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INOX Air lays out a Rs 3,000 cr investment plan by 2025

Monday, 15 May 2023
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Leading manufacturer of industrial and medical gases, INOX Air Products, plans to invest Rs 3,000 crore spread across ten sites across the country by 2025. Of this, the company will allocate Rs 1,300 crore towards setting up two air separation units (ASUs) at Tata Steel's Meramandali plant in Odisha, which will have a daily production capacity of 1,800 tonne of oxygen, as also nitrogen and argon.

As the company's largest greenfield project at a single site till date, for which INOX Air Products has secured a contract for 20 years with supply and offtake guarantees. It will also utilise the same facility to produce liquid gases, catering to a range of smaller consumers in the state, and the eastern region.

The funding will be managed through a mix of internal accruals and debt.

The company caters to a diversified customer base across the metal manufacturing, cement, automotive, pharmaceuticals, and many other emerging sectors. As exponential demand is indicated for industrial gases on the back of newer sectors like solar and semiconductors, which is increasingly aligned to the high stage of development of the markets. Through the joint venture (JV) with Air Products which is known to be the world's largest hydrogen manufacturer, teh company has surpassed the average growth rate of the industrial gases sector with a growth rate twice that of GDP.

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