Air Water Inc Japan Acquires Majority Stake in Ellenbarrie Industrials Gases Ltd

Air Water Inc., Japan, acquires majority stake in India’s leading industrial gases company, Ellenbarrie Industrials Gases Ltd

7i Capital acted as the exclusive sell-side advisor on this transaction.

October 2013

Japanese industrial gas maker Air Water Inc has acquired a 51% stake in Kolkata-based Ellenbarrie Industrial Gases Ltd, as part of its India entry strategy for around INR 1,000 Mn.

The listed Indian company has a capacity of 235 tonnes per day at its three plants for liquefied oxygen, nitrogen and argon gases. It also has a packaging, refilling and acetylene plant, a fleet of 80 tankers and a steel trading business. The company has a diversified customer base and caters to different industries like steel, oil & gas, pharmaceutical, aerospace& defence, food & beverages, healthcare, etc.

“With this acquisition, Air water will be able to enter the Indian market as one of the leading players in the region having a strong brand across India. I congratulate both Ellenbarrie and Air Water teams for this successful transaction” Said Mr. Manoj Patkar, Executive Director, 7i Capital Advisors.

About Air Water Inc.

Air Water is a leading Japanese industrial gases manufacturer having sales of ~$3.5 Bn. Air Water is engaged in producing industrial and medical gases. It is also into Industrial welding and cutting, engineering, coal chemicals,  fine chemicals amongst others. For industrial gasses,  Air Water delivers every type of industrial gas to its customers, from onsite piped supply to supply by liquefied gas truck or in cylinders. Air Water also provides high purity gas and special gases and chemicals critical for leading-edge electronic device manufacturing sites, as well as associated equipment and services.

For more information please visit


About Ellenbarrie Industrial Gases Ltd

Incorporated in November 1973, Ellenbarrie is engaged in the manufacturing, trading and supply of industrial and medical gases viz. Oxygen, Nitrogen, Argon, Carbon Dioxide, Helium, Acytelene (DA) Nitrous Oxide and specialty gas mixtures. Ellenbarrie’s plants are located at Uluberia, Vishakhapatnam and Hyderabad. The manufacturing facility at Uluberia and Kalyani has AS/NZS ISO 9001:2008 certification. It is also one of the members of Federation of Indian Export Organisation and International Oxygen Manufacturers Association.

For more information please visit