Breaking News: Cryogenic Equipment Major INOXCVA plans to expand its network market across European territory. After Company almost set up huge base at Pan American continent, earlier by acquisition in the US based company named CVA (Cryogenic Vessel Alternatives), now looks to Europe as potential market.
Recently only, Company opened Manufacturing Cum Service center in the South American country Brazil. Being stirred by the acquisition of majority stake in a US-based company named CVA, Gujarat based firm INOX India Ltd moves ahead to acquire a European company this year for $ 20miilion (Rs. 100 Cr). According to company officials, company has almost quadrupled its turnover in last three years.
India’s largest Cryogenic equipment manufacturing & distribution company, INOXCVA, is part of the $2-billion diversified INOX Group of companies. Company offers wide range of products in Cryogenics segment to Oil & gas industry. Along with acquiring new company in Europe, company will also invest Rs 60 Crore in Brazil unit to boost the facility growth in the Latin American continent. Brazil serves as the key market for company in last three years.
Today company has manufacturing unites across the globe from Canada to China. It major manufacturing units are located at India, US, China & Canada. Brazil is new & currently offering services facilities in the region. Soon there is plan to convert it into also a manufacturing hub. European acquisition would mark its global presence in all the major continents where it has majority business interests.
Investments – Press Release
According to company’s CEO, Mr. Parag Kulkarni Company has a major plan in coming years. Company already enhanced its facilities & manpower in US & Indian units. As part of its cryogenic solutions business, INOX is now 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. INOX already has seven such customers of “virtual pipeline” (mobile LNG facility) in Gujarat, Rajasthan, Maharashtra and Madhya Pradesh, he said.(Courtesy: Businessline)
Having presence at strategic location, as closed to nearby LNG Terminals Company too looks to increase virtual pipeline networking in the country. Here proposed project to wider domestic market to provide virtual pipeline where there is no gas pipelines so far. Presently, its limited up to 500KM radius of LNG terminal only. As many more LNG projects coming up in the country, may provide unique opportunities to company to grow along with them, as mentioned to press by company’s CEO Mr. P P Kulkarni.