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The Japan Bank for International Cooperation (JBIC; Governor: Akira Kondoh) signed on March 29 a loan agreement amounting up to INR310 million (JBIC portion) with Ellenbarrie Industrial Gases Limited (EIGL), an Indian subsidiary of AIR WATER INC. (AIR WATER). The loan is cofinanced with private financial institutions.
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This loan is intended to finance the necessary funds for EIGL to conduct industrial gas production and sales business in West Bengal and Andhra Pradesh in India. The funds will be used to invest in facilities and equipment for increasing production capacity at existing plants.
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AIR WATER is engaged primarily in production and sales of industrial gas, including those for manufacturing-use and medical-use, with leading technologies in gas production and gas application. The company has been actively promoting its business overseas, such as acquisition of EIGL, which was India's local independent industrial gas producer, in 2013. Air Water aims to respond precisely to the ever-expanding needs for industrial gas in India by increasing production capacity through improvement and expansion of existing plants. Through the support of such overseas business deployment of AIR WATER by Indian Rupee loan, this financing will contribute to maintaining and strengthening the international competitiveness of Japanese industries.
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As Japan's policy-based financial institution, JBIC will continue to support the overseas business deployment of Japanese companies by drawing on its various financial facilities and schemes, including loans to meet the need for local currency funding, for structuring projects and performing its risk-assuming function.
