SOL S.p.A, Italy enters into a strategic partnership with Bhuruka Gases Limited, India

SOL S.p.A, Italy enters into a strategic partnership with Bhuruka Gases Limited, India

7i Capital Advisors, exclusive Indian member of Clairfield International, acted as the exclusive sell-side
advisor to Bhuruka Gases Limited on this transaction.

December 2022

Bhuruka Gases Limited, an Indian supplier of specialty, rare, industrials and liquid gas products owned by the Agarwal family, entered into a strategic partnership with SOL S.p.A, based in Italy.

Bhuruka Gases Limited was founded in 1974 in Bengaluru, India and is a part of the Bhoruka Group. It is a leading Indian company involved in the manufacturing and supply of specialty, rare, industrial, and
liquid gas products as well as production of renewable power using wind energy. The company has manufacturing operations at three locations in South India and one location in West India. It has an experienced team of over 100 employees.

SOL S.p.A. is a leader in the industrial gases sector in Italy with a global presence in over 30 countries with a Technical Gases Division (production, applied research, and sale of pure and medicinal technical gases) and a Home Care Division (focusing on medical care). The company has sales of over EUR 1.1 billion, and over 5,100 employees.

This strategic partnership further expands SOL’s presence in south and west India, providing the
company with access to well-established manufacturing facilities along with a diversified client base.

SOL gets access to a high potential established specialty gases business in the Indian market. Bhoruka Group, meanwhile, gains access to the strong technical expertise, global brand presence, and international customer reach of SOL.

With this partnership, SOL and Bhoruka Group together can further consolidate their position as market leader in the speciality gases segment. These speciality gases are import substitutes, and thus contribute to the Make-in-India initiative.

“This partnership with the Agarwal Group represents for SOL Group a new important step in India, and combines the experience and the competences of our Group with those of a dynamic, successful and
of a great tradition Indian Group. The objective that we share is that one of combining SOL’s
technological competences and innovative solutions in the technical and medical gases sector together with the experience of the Agarwal Group in the pure, ultra-pure and specialty gases sector, to
contribute to a further development of the market both in India and in the neighbouring countries.”
–Aldo Fumagalli Romario, chairman and managing director of the SOL Group

“I heartfully welcome this joining of hands between SOL family and Bhoruka family. Two reputed joint families from Italy started SOL more than 9 decades back, and grew year over year maintaining traditions and culture, very similar to ours in India. The professional and ethics driven business culture of Bhoruka will shine and its strong presence in South India since 1958 will be cemented further with this partnership. Bhoruka will have a lot to learn from SOL including the strong management practices and global technical expertise. India is set to be one of fastest growing economy in the G20 in FY22-23
as per a recent OECD report. The growth will result into  requirement of high purity and speciality gases in newer sectors like solar and electronics industry and with this partnership we will capture these new opportunities.”
— S.N. Agarwal, chairman of the Bhoruka Group

“India’s GDP is set to double from the current US$3.4 trillion over the next decade. Technical gases and speciality gases capabilites would be a key component driving that growth. The partnership provides both SOL and Bhuruka Gases an opportunity to emerge as a leader in this high growth sector. This deal marks Clairfield India’s second successful deal in the industrial gases sector.”
— Manoj Patkar, executive director and partner at Clairfield India

Deal Team,

  • Abhijeet Biswas
  • Manoj Patkar
  • Mustafa Rangwala
  • Jatin Adnani

About SOL S.p.A

SOL S.p.A was founded in Italy in 1927 and is today a part of the SOL Group which operates in the areas of production, applied research and marketing of technical and medical gases. Sol S.p.A is a leader in the Italy in the production and marketing of technical, industrial, pure, special and medicinal gases and has global presence in 30 countries with over 5000 employees. For more information, please visit or visit them on LinkedIn

About Bhuruka gases pvt ltd.

Bhoruka is a versatile group with over four decades of foothold in various activities across India. Founded by the late Mr. P.D. Agarwal, the group is home to the first company in the private sector to successfully set up a hydro power station post-independence with presence in other verticals – Steel, Industrial gases, IT Parks, Education and more. Bhuruka Gases was established in 1974 as a manufacturer, importer, & exporter of specialty & rare, industrial and liquid gas  products. To learn more, please visit or visitus on LinkedIn.

About 7i Capital Advisors

7i is a leading Indian investment bank focused on cross border M&A transaction advisory space. In a short time, 7i has been able to become the advisor of choice for Indian mid-market corporates for its private equity fund raising as well as cross-border strategic partnership needs. 7i is the exclusive India member of Clairfield International, a leading international corporate finance firm focused on the mid-market segment and with 300 professional staff working across 25 countries. 7i has presence in diverse verticals including healthcare, manufacturing, consumer and technology. In vitrodiagnostics and medical technology is one ofthe key areas of expertise for 7i having completed multiple deals in this space, the latest being this strategicacquisition of the Boditech business from Weldon by Everlife-CPC. For more information, please visit

About Clairfield International

Clairfield International ( provides advisory services on middle-market transactions for large companies, private investors and private equity, public sector clients, and family businesses. Headquartered in Europe with locations in every major region worldwide, Clairfield offers clients access to local corporate businesses, investors, and key decision makers, combined with a deep understanding of local regulations and cultures. Clairfield ranks as one of the top independent M&A advisors in league tables worldwide.

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