INOX AP to Invest 3,000 Cr. by 2025; Largest Single-Location Investment at Tata Steel’s Odisha Plant
INOX Air Products (INOX AP), a manufacturer of Industrial and Medical Gases, will be investing Rs. 3,000 crore in ten facilities across India by 2025.
The largest share of INOX AP’s planned investment, that is, Rs. 1,300 crore, will be towards developing two Air Separation Units (ASUs) at Tata Steel’s plant in Meramandali, Odisha.
INOX AP’s Investment to Meet Growing Demand Across Sectors
In an interview to Business Today on 16th May 2023, Mr. Siddharth Jain, Managing Director of INOX AP, talked about the company’s plan to invest the aforementioned amount in ten sites across India.
According to Mr. Jain, the gases that will be produced by INOX AP at these sites will help meet growing demands in industries such as semiconductor fabrication and solar PV.
INOX AP to Develop Two ASUs at Tata Steel’s Meramandali Plant
In a press release dated 12th May 2023, INOX AP stated that it will jointly develop two ASUs with Tata Steel with an investment of Rs. 1,300 crore. These ASUs at Tata Steel’s Meramandali plant will be able to produce 1,800 Tons Per Day (TPD) of Oxygen.
Speaking about this investment, Mr. Siddharth Jain, said, “Our first-ever onsite partnership with Tata Steel also marks our largest ever Greenfield investment and also the facility with the largest Liquid Gases manufacturing capacity at a single location of more than 600 TPD”.
As a part of the joint development, INOX AP will supply Oxygen, Nitrogen and Argon to Tata Steel for a period of 20 years which will aid in the expansion of Tata Steel’s Meramandali plant.
Sharing his views on this project, Mr. Avneesh Gupta, Vice President TQM and Engineering & Projects, Tata Steel Ltd. stated, “We are pleased to collaborate with INOX Air Products on this significant partnership, as we continue to strengthen the operations of our Steel Works at Meramandali, Odisha. We look forward to this association for leveraging INOX AP’s expertise in reliably delivering high-quality industrial gases, which will play a crucial role in supporting our growth ambitions and contributing to our ongoing success story in the steel industry”.
Earlier, INOX AP had announced an investment of Rs. 2,000 crore in April 2021 to develop 8 ASUs.
About INOX Air Products: INOX Air Products was established in 1963 and is a joint venture between INOX Group and Air Products Inc., USA, with its headquarters in Mumbai. INOX Air Products is one of the largest manufacturers of Medical and Industrial Gases in India. The company is currently operating in 54 locations across 17 states in India.