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Inox India Looks For $20Mn Acquisition In Europe SEZ NewsGujarat-based INOX India Limited is planning to acquire a European company this year for $20Mn (R100Cr) for expansion. In 2009, Inox India acquired 51% stake in US-based Cryogenic Vessel Alternatives (CVA) for about $25MN (R120Cr). Currently INOXCVA has manufacturing facilities in five countries (Canada, the USA, Brazil, India and China), with a client-base spread over 100 countries. The possible European acquisition would mark its presence in all the major continents where it has business interests. Established in 1992, INOX India Ltd. is part of the INOX Group which has interest in diverse businesses including Industrial Gases, Refrigerant Gases, Fluoro Chemicals, PTFE, Renewable Energy, Cryogenic Equipment and Entertainment. Gujarat Fluorochemicals and Inox Leisure are also a part of Inox Group. Inox India manufactures cryogenic liquid storage and transport tanks. It has three ultra modern facilities at Kalol, near Vadodara, Kandla, Ghandhidham which is a port side SEZ and Silvassa.
With the emergence of new LNG terminals at Mundra (Gujarat), Kochi (Kerala), Ennore (TN) and Kakinada (Andhra Pradesh) in the near future, the company is planning a wider domestic presence to provide a virtual pipeline to the industries in the States having no gas pipelines so far. It will do so by providing cryogenic storage tanks and transportation facilities. |
Inox is also investing R50Cr in the India facilities. It is also focusing on providing a link between the two existing LNG terminals in Gujarat (Dahej and Hazira) and industries requiring this gas as fuel even in the absence of gas pipelines for gas transportation.