MUMBAI, 25 November, 2019:  NovaAir, a wholly owned subsidiary of Yingde Gases - the largest industrial gas supplier in China - has formally commenced operations in India. Established in November 2019, NovaAir is headquartered in Mumbai, with additional offices in Bangalore and Delhi. NovaAir aims to become one of the leading industrial gas suppliers in India over a three-to-five year horizon. NovaAir (like its parent company Yingde Gases) is a full-service company with its own design and project execution teams, which will take advantage of industry-leading technologies of Yingde Gases. NovaAir also intends to develop a robust supply chain network with strong application support for its customers across the country.

Yingde Gases and NovaAir see exciting opportunities in this market which will allow NovaAir to invest hundreds of millions of dollars over the next few years to meet growing customer demand. NovaAir's first investment of approximately $60 million will go towards completing four air separation plants near Hyderabad, Chennai, Mumbai and Delhi, which will cater to over 100 leading customers in the automotive, auto-ancillary, solar, pharmaceutical, defence and primary metals industries. These plants will be built with best-in-class safety and reliability standards and in line with NovaAir's vision to provide a dependable alternative for industrial gas customers, while creating value for them.

NovaAir plans to be fully operational with its first plant near Chennai by March 2021. The second plant near Hyderabad is expected to be operational by June 2021. The first phase of investment by Yingde Gases will create approximately 600 direct and indirect new jobs.

Yingde Gases is one of the leading industrial gas players in the world and is the largest independent industrial gas supplier in China. Yingde Gases has a strong legacy of highly reliable plant operation, efficient project execution, and delivering the most cost-competitive solutions to its customers. Yingde Gases has expertise in all bulk atmospheric gases (oxygen, nitrogen, argon) as well as hydrogen and gasification technologies.

Mr. Gajanan Nabar, Managing Director and CEO of NovaAir said, "As the demand for industrial gases in India increases, we find an opportunity in that. Our goal is to counter that trend by setting industry-leading standards in safety, reliability and quality assurance, while constantly working to reduce overall costs to the consumer."

Mr. Nabar further added, "At NovaAir, we are very excited to bring state-of-the-art industrial gas offerings to India. NovaAir offers customized solutions for its customers previously unavailable in this market. With experience, excitement and energy, we are poised to become one of the leading industrial gas operators in India over the next five years."

Mr. Frank Li, CEO of Yingde Gases said, "We are very excited to establish NovaAir and invest in the very attractive India market. We see so many opportunities for growth here -- opportunities where Yingde's own best practices and expertise will add significant value. Indian companies and products are globally competitive and Yingde Gases and NovaAir hope to partner with and support our customers to achieve even more."