China’s Yingde Gases to set up Indian subsidiary NovaAir

MUMBAI: Chinese industrial gases maker Yingde Gases is setting up an Indian subsidiary, NovaAir India, with an initial investment of $60 million to build four air separation plants near Hyderabad, Chennai, Mumbai and Delhi, top company officials said.

Backed by Asia’s largest alternative investment fund PAG, Yingde plans to invest more than $1 billion in India over the next five years to pursue organic and inorganic opportunities, a senior official said. It will invest $3 billion in India and China during that period.

In the shorter term, Yingde will invest another $100 million in India, officials said.