Air Liquide has agreed to acquire NovaAir, a prominent industrial gas producer in India, from PAG.
Air Liquide, a world leader in gases like oxygen, nitrogen, and hydrogen, announced on Monday, October 27, 2025, that it has reached an agreement to acquire NovaAir, a key industrial gas producer and supplier in India, from the Asia-focused private equity firm, PAG. This acquisition marks a significant strategic milestone for the French multinational Group, further solidifying its "Indian growth story."
NovaAir, established in 2019, operates as a comprehensive industrial gases platform. It specializes in supplying bulk industrial gases, critical specialty gases, and providing onsite services and EPC (Engineering, Procurement and Construction) support to a diverse clientele. The company’s primary operations are strategically located in the key industrial regions of East and South India, serving vital sectors such as steel, automotive, fabrication, electronics, photovoltaic, and healthcare.
The acquisition is highly complementary to Air Liquide's current network in India. While Air Liquide has established operations in the North and West of the country, NovaAir's strong presence in the East and South will provide the Group with an expanded, nationwide geographical reach. This significantly strengthens Air Liquide's position in the industrial merchant market, enhancing its capacity to better serve customers across India's rapidly expanding automotive, metals, electronics, and healthcare sectors. Furthermore, Air Liquide will gain a substantial project portfolio and an experienced local management team from the NovaAir platform.
Emilie Mouren-Renouard, a member of Air Liquide’s Executive Committee responsible for supervising activities in India, underscored the importance of the deal. She 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." She added that the move "will significantly enhance our capacity to serve customers from small and medium enterprises to large industrial players, across a wider geographic footprint."
This latest acquisition follows a series of recent investments in India by Air Liquide, clearly highlighting the Group's confidence and commitment to the Indian market's long-term growth opportunities. Air Liquide has maintained a presence in India since 1992, with current operations spanning the supply of industrial and medical gases, engineering and construction services, cryogenic equipment manufacturing, and medical systems.
The merger is set to benefit NovaAir’s customers by combining the company's "demonstrated organizational agility, strong execution capabilities and deep local customer relationships" with Air Liquide's "state-of-the-art technological" expertise, according to Gajanan Nabar, CEO of NovaAir. This strategic alignment is positioned to offer greater value and a comprehensive gas supply solution for industries driving India's fast-growing economy.
