- Region: Asia
- Manufacturing and Services
- Overseas Investment Loans
July 10, 2014
The Japan Bank for International Cooperation (JBIC; Governor: Hiroshi Watanabe) signed a loan agreement totaling up to USD4.8 million (JBIC portion) with Ellenbarrie Industrial Gases Limited (EIGL), an Indian subsidiary of AIR WATER INC. (AIR WATER*1). The loan is cofinanced with private financial institutions.
This loan will finance EIGL for producing and selling industrial gases, including manufacturing and medical gases, in Hyderabad, southern India.
AIR WATER has been conducting overseas operations by utilizing its proprietary gas production and application technologies, such as VSU, high-efficiency compact liquid nitrogen/oxygen co-production plant. In this context, the company acquired EIGL, which supplies liquefied gases and cylinder gases primarily in eastern India*2, and intends to expand its business through EIGL by building a production base in India where high economic growth is expected to continue in the years to come. The loan will support overseas business deployment of AIR WATER and thereby contribute to maintaining and strengthening the international competitiveness of Japanese industries.
As Japan's policy-based financial institution, JBIC will continue to support overseas business deployment of Japanese companies by drawing on its various financial facilities and schemes for structuring projects, and performing its risk-assuming function.
- *1 This loan agreement had been already signed on June 25, 2014, but the Press Release was issued today.
- *2 JBIC also supported AIR WATER for part of the funds required to acquire EIGL in March this year. See details in Press Release on March 20, 2014.