States »EasPosted at: Aug 9 2021 12:22PM Promoters Of Ellenbarrie Industrial Gases Acquires 51 pc Stake in t he Company
Kolkata, Aug 09 (UNI) The promoters of Ellenbarrie Industrial Gases Ltd., an integrated industrial and medical gases company, have re-acquired 51 per cent stake in the company for an undisclosed sum from Air Water Inc., a Japanese industrial gases Conglomerate.
"Ellenbarrie Industrial Gases Ltd is now the largest 100% Indian-owned industrial and medical gas company, in a space dominated by multinational companies. With the onset of COVID 19, we have quickly repositioned ourselves not only in terms of enhancing capabilities in terms of Medical Oxygen but also providing solutions in terms of Centralised Gas pipeline Systems and hospital equipment critical to COVID treatment," said Varun Agarwal, Executive Director, Ellenbarrie Industrial Gases Ltd.
The company also commenced work on a major expansion of 600 MT per day at an investment of Rs. 250 Crores located in Kurnool, Andhra Pradesh. This plant is expected to go online in the second half of 2022 and will cater to its growing clientele in Andhra Pradesh, Telangana and Karnataka. The company has further increased its manufacturing portfolio by adding a high-purity Hydrogen plant in Uluberia, West Bengal.
Earlier, in 2013, the Agarwala family had sold 51pc stake to Air Water Inc. and this buyback marks an exit of the Japanese company from Ellenbarrie. Ellenbarrie has retired all its borrowings and remains a debt-free company with production facilities at Kalyani, Uluberia, Kharagpur and Panagarh in West Bengal and Visakhapatnam and Hyderabad in South India.
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