On October 22, Air Water bought 51% of shares and acquired ownership of Ellenbarrie Industrial Gases which engages in the industrial gas business in the Eastern district of India (headquartered in Kolkata City, Belgal, led by Padam Kumar Agarwal, with an estimated capital of 118 million yen).

This acquisition ushers a good chance for Air Water (AWI) to start a full-fledged liquid bulk business abroad. In the Indian market, Matheson K-Air of Taiyo Nippon Sanso’s group company has already been active in the liquid gas and helium business. So, it is the second runner as a Japanese industrial gas manufacturer in the market.


Ellenbarrie is a local industrial gas company owned principally by the founding family Agarwal, listed in the Indian Stock Exchange market. AWI acquired 51% of the shares issued by the company through a take-over bid and transfer from the founding family. No detail of amount for acquisition has been disclosed. Ellenbarrie, founded in November 1973, owns liquid plants at Koltaka where the head office is located and three locations of Uluberia, Vizag and Kalyani, and is operating industrial gas filling stations.

At present, Ellenbarrie is constructing a liquid plant and filling station in Hyderabad to expand it gas selling base in the growing Indian market. Ellenbarrie’s annual sales amounts to 1 billion yen and has 110 employees. According to AWI, the Indian market of industrial gases is sized at a scale of 228 billion yen in terms of the record in 2012. The self-consumption accounts for 20% of it, which tells that the target for the gas business amounts to a little more than 182.4 billion yen.

Most of its business is done with gas piping. The liquid and bulk market is sized at about 10 billion yen, 60% which is taken by the majors including Linde, Air Liquide, Praxair and Air Products. The remainder of 40% is shared by four local gas companies in which Ellenbarrie is named as an influential domestic company.

AWI has been seeking a business chance to deploy into Asia, positioning the overseas gas business as a driver for growth under its mid-term management plan. In April 2014, AWI will start its on-site business for Kyoei Steel in Vietnam, but a full-fledged liquid and bulk business in India at this time will be the first case abroad.

President Padam K. Agarwal of Ellenbarrie is very much interested in the management model of “Order Rodentia Style of Business” which AWI is developing in Japan, and it has turned out to be the driving power for the affiliation.

It seems to be very probable from now on that AWI will develop its regional liquid and packaged gas business cored by VSU also in India.

Three part-time directors will be appointed and executive staff will be sent to India, where various activities will be carried out and undertaken for development including not only industrial gases but also many other business lineups and services handled by the Air Water group.