Acquisition expands Air Liquide’s geographic reach across India and is expected to enhance service to automotive, metals, electronics and healthcare customers
France, October 27, 2025 - 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. This transaction is described by Air Liquide as another investment in the country and a strategic milestone in its Indian growth story. Air Liquide stated that the acquisition reflects its long-term commitment to supporting India’s industrial and healthcare development.
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. According to Air Liquide, this expanded geographical reach will substantially strengthen its footprint in the industrial merchant market and enhance its capacity to serve customers across India's growing automotive, metals, electronics and healthcare sectors. Air Liquide stated that the broader platform will allow it to better address demand for merchant industrial gases throughout India.
Founded in 2019, NovaAir operates as a full-service industrial gases platform. The company supplies bulk industrial gases and critical specialty gases, and provides onsite services as well as engineering, procurement and construction (EPC) support to clients in key industrial regions of East and South India. NovaAir serves customers in sectors including steel, automotive, fabrication, electronics, photovoltaic and healthcare. By integrating NovaAir’s capabilities with Air Liquide's established network in the North and West of India, the combined organization will have an expanded nationwide platform across key industrial corridors. Air Liquide has been present in India since 1992. Its activities in the country include 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, a member of Air Liquide’s Executive Committee with responsibility for supervising 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.”
This transaction follows a series of recent investments in India by Air Liquide. The Group stated that the agreement to acquire NovaAir underscores its commitment to invest in the long-term growth opportunities of the Indian market and reflects its solid ambitions in the country’s industrial and healthcare sectors. Air Liquide described the acquisition as a strategic milestone in its Indian growth story.