Mumbai (Maharashtra) [India], February 22 (ANI/PRNewswire): Supporting the Nation's revival journey through massive investments in core sectors like Manufacturing and Infrastructure as announced in Budget 2021, India's largest manufacturer of Industrial and Medical Gases, INOX Air Products (INOXAP) has laid out massive expansion plans of Rs 2000 Crores to build eight new Air Separation Units across the country.
This will be India's largest Greenfield investment plan ever witnessed in the Industrial Gases sector. With a combined capacity to manufacture more than 1500 Tons Per Day (TPD) of Liquid Gases, the expansion will take INOXAP's total liquid gases production to 4800 TPD by 2024.
Inspired by the Prime Minister's vision of Make In India, INOXAP's new plants will strengthen and promote inclusive growth in the existing and upcoming industrial corridors across the country. Complementing the critical boost provided in Budget 2021 to the Healthcare sector, INOXAP's expansion would also augment its Liquid Medical Oxygen (LMO) production capacity by 50 per cent.
INOXAP's new plants will be strategically located in proximity of high demand growth areas in the states of Gujarat, Maharashtra, Tamil Nadu, Madhya Pradesh, Uttar Pradesh, Andhra Pradesh and West Bengal. The plants will produce liquid oxygen, liquid nitrogen and liquid argon and will be commissioned during the course of FY22 to FY24.
The bulk availability of industrial and medical gases will ensure constant supplies for electronic manufacturing, pharmaceutical sector, besides helping iron, steel and automobile industries to ramp up their production capacities. The projects will generate more than 1000 direct and indirect employment opportunities in their respective regions.
"With an objective of rejuvenating the Country's economic landscape, Budget 2021 pronounced major investments and initiatives around Manufacturing, Infrastructure and Healthcare. As we welcome the enhanced capex in these critical areas, we want to be prepared to service the Country's future-oriented and accelerated growth drive by ensuring capacity creation of industrial and medical gases across the growth corridors of the country. The expanded capacity will enable us to serve the core sectors, supporting the nation's Aatmanirbhar Bharat endeavour and its march towards becoming a USD 5 Trillion economy. Our new ASUs are envisioned to empower numerous sectors and boost economic activities in key industrial regions. The investments will also help us maintain our leadership position in the market," said Siddharth Jain, Director - INOX Air Products, speaking about the investments.
INOX AP currently manufactures 3300 TPD of liquid gases across 44 locations in the country. During COVID, INOXAP has been catering to more than 60 per cent of the total Medical Oxygen demand in the country. All INOXAP units have been running 24x7 to ensure a continuous production and uninterrupted supply of Medical Oxygen to more than 800 hospitals nationwide through a dedicated fleet of 550 transport tanks. With a massive 50 per cent growth in the production of LMO, INOXAP would continue to fulfil its responsibilities in the Medical and Healthcare space.
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