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Japan stake in city firm

Calcutta, Nov. 28: Japanese company Air Water Inc has picked up a 51 per cent stake in city-based Ellenbarrie Industrial Gases Ltd.

Air Water has purchased around 34 lakh shares at Rs 316.94 apiece, which puts the deal size at a little over Rs 100 crore.

The company plans to retain the core identity, logo and the management of Ellenbarrie and will focus on expanding its foothold in the Indian industrial gases market.

Ellenbarrie will benefit from the technological strength and business strategies of Air Water.

“Air Water has been focusing strongly in markets outside Japan, especially in the area of industrial gas. We have been looking for long to enter into India and finally we have decided to acquire the majority stake in Ellenbarrie Industrial Gases,” said Masato Machida, corporate director and general manager (corporate planning), Air Water Inc.

As of September, the promoter holding in Ellenbarrie stood at 73.80 per cent and the public held 26.20 per cent. Three members from Air Water will join the board of Ellenbarrie.

Air Water officials today paid a courtesy call to Bengal industries minister Partha Chatterjee.

Listed on the Tokyo Stock Exchange and Sapporo Securities Exchange, Air Water is a public limited company with a capital of 32 billion yen and net sales of 542 billion yen as of March 2013.

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