Air Products to grow at over 10% in India
Air Products, one of the major global industrial gases company, is expecting its Indian operations to grow by over 10% given the pace at which the Indian economy is expanding. "India is predicted to grow at 7.2%. Our growth will be 1.5 to 2 times of GDP growth of the country as there will be increased requirement of industrial gas in refining and other sectors," said Richard Boocock, Air Products president, industrial gases-Middle East, India, Egypt and Turkey.
Air Products which inaugurated $400 million industrial gas complex within integrated refinery expansion project of BPCLNSE 2.33 % Kochi Refinery on Friday, is keen on expanding its presence in the country. "The growing middle class and the emphasis on Make in India could help us in our efforts. Normally we make long term investments," Boocock said.
The build, own and operate(BOO) industrial gas project in Kochi is to help BPCL Kochi Refinery to comply with Euro IV and Euro V specifications and to enable the refinery to enhance refining capacity by nearly two-thirds to 310,000 barrels from 190,000 barrels a day. Air Products will continue to invest as BPCL Kochi Refinery is venturing into downstream petrochemical project in the second phase.
Boocock said volatility in the crude oil prices does not affect the company as it is able to flex its business. "Whether the crude oil prices are rising or falling, we will be supplying to a section of industry. Air Products entered India in 1999 through a joint venture with INOX. "We will be investing $100 million in six plants through the joint venture," said Sadhan Banerjee, regional general maanger and managing director at Air Products India. Air Products recently expanded its engineering centre in Pune.
(Source: Economic Times) 13/5/2018