Manufacturer of Industrial & Medical Gases, INOX Air Products (INOXAP) has laid out massive expansion plans of INR 2000 Crores to build eight new Air Separation Units across the country.
This will be India’s largest Greenfield investment plan ever witnessed in the Industrial Gases sector, according to a press statement made by INOXAP.
With a combined capacity to manufacture more than 1500 Tons Per Day (TPD) of Liquid Gases, the expansion will take INOXAP’s total liquid gases production to 4800 TPD by 2024.
“INOXAP’s new plants will strengthen and promote inclusive growth in the existing and upcoming industrial corridors across the country. Complementing the critical boost provided in Budget 2021 to the Healthcare sector, INOXAP’s expansion would also augment its Liquid Medical Oxygen (LMO) production capacity by 50%,” the statement added.
INOXAP’s new plants will be strategically located in proximity of high demand growth areas in the states of Gujarat, Maharashtra, Tamil Nadu, Madhya Pradesh, Uttar Pradesh, Andhra Pradesh and West Bengal. The plants will produce liquid oxygen, liquid nitrogen and liquid argon and will be commissioned during the course of FY22 to FY24.
Speaking about the investments, Mr. Siddharth Jain, Director – INOX Air Products said, “With an objective of rejuvenating the Country’s economic landscape, Budget 2021 pronounced major investments and initiatives around Manufacturing, Infrastructure and Healthcare. As we welcome the enhanced capex in these critical areas, we want to be prepared to service the Country’s future-oriented and accelerated growth drive by ensuring capacity creation of industrial and medical gases across the growth corridors of the country. The expanded capacity will enable us to serve the core sectors, supporting the nation’s Aatmanirbhar Bharat endeavour and its march towards becoming a $5 Trillion economy. Our new ASUs are envisioned to empower numerous sectors and boost economic activities in key industrial regions. The investments will also help us maintain our leadership position in the market.”
INOX AP currently manufactures 3300 TPD of liquid gases across 44 locations in the country. During COVID, INOXAP has been catering to more than 60% of the total Medical Oxygen demand in the country.
Arya has been a part of the Content & Research Team at Hrnxt.com. She is a keen observer of economic developments, emerging businesses, people in business and keeps a tab on latest happenings in the business environment.