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Air Liquide announces today 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. This acquisition represents another investment for the Group in the country and a strategic milestone in its Indian growth story.

Founded in 2019, NovaAir is a full-service industrial gases platform supplying bulk industrial gases, critical specialty gases, and providing onsite services and EPC (Engineering, Procurement and Construction) support to its clients in the key industrial regions of East and South India. The company serves customers in the steel, automotive, fabrication, electronics, photovoltaic and healthcare industries, among others. 

The acquisition of NovaAir which is present in the East and South of India complements Air Liquide’s existing operations in the North and West of the country, bringing a large project portfolio managed by an experienced team. Through this operation, the expanded geographical reach will substantially strengthen Air Liquide’s footprint in the industrial merchant market, allowing it to better serve customers in the growing automotive, metals, electronics and healthcare sectors.

This acquisition follows a series of recent investments in India by Air Liquide, underscoring the Group’s commitment to investing in the long-term growth opportunities of the Indian market. Air Liquide has been present in India since 1992 and has solid ambitions in this country. The Group’s operations in India encompass the supply of industrial and medical gases, engineering and construction services, cryogenic equipment manufacturing, medical systems for healthcare and the development of speciality chemical ingredients.

Emilie Mouren-Renouard, member of Air Liquide’s Executive Committee, notably in charge of supervising activities in India, stated: 

“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.”

Watson Farley & Williams (“WFW”) advised Standard Chartered Bank (“Standard Chartered”) and Bank of India, IFSC Banking unit (“BOI”), GIFT City, on the US$215m refinancing of six Boeing B777-300ER aircraft for Air India Limited (“Air India”).

Implementing an innovative structure, the first of its kind in India, this transaction marks the first time a financing for an Indian airline has been structured directly to a borrower in GIFT City, India’s emerging international financial hub, which has not been structured through Ireland.

Lending directly to AI Fleet Services IFSC Limited (“AI Fleet”) – Air India’s GIFT City-based subsidiary – demonstrates significant increase in market confidence and regulatory maturity in India. BOI’s involvement as lender establishes Indian domestic appetite for financing its aircraft and is evidence of the growing role of Indian domestic financial institutions are sure to play in India’s ambitions in aviation. This innovative structure not only streamlines execution but also facilitates Indian domestic participation in a more cost-effective structure.

Standard Chartered is a leading international banking group offering global financial services, whilst BOI is a major public sector bank in India providing a wide range of domestic and international banking solutions.

The cross-border WFW Aviation team that advised Standard Chartered and BOI was led by Singapore Asset and Structured Finance Partner Richard Williams, with outstanding support from Associates May Eng and Rheya Panjwani and Paralegal Lydia Ong. New York law advice was provided by Counsel Maxi Adamski-De Visser and Associate Chloe Sucato.

Richard commented: “The groundbreaking new structure used to complete this transaction sets a precedent for aviation finance for India. Lending directly to AI Fleet with the involvement of BOI represents a strong vote of confidence in Indian aviation and the recently developed regulatory framework in India. Advising on matters of this nature highlights WFW’s market leading footprint in Indian aviation finance.  Our thanks go to Standard Chartered, BOI, Air India and AI Fleet for their confidence in us and the other legal professional advisors, whose collaborative approach was essential in closing this transaction”.