Taiyo Nippon Sanso (TNSC) has transformed its Indian subsidiary, Matheson K-Air India (K-Air), into its direct affiliate through direct investments, and has officially renamed the company Taiyo Nippon Sanso K-Air India (TNSK).
TNSC acquired K-Air back in 2010, which itself the result of a previously existing merger between Matheson Tri-Gas and K-Air Gases India Private Limited.
Due to the increased involvement of Japanese companies in the Indian market, TNSC decided to make TNSK – formerly K-Air – a direct affiliate by buying MATHESON’s portion of investment. Now the breakdown of ownership leaves the previous Indian partners with 45%, whilst TNSC owns the majority with 55%.
In 2014, the group built a new air separation unit (ASU) in Pune, Maharashtra, reinforcing its industrial gas business in the growing Indian market. The company also owns three cylinder filling locations and two specialty gas stations throughout the country, and generated an estimated turnover of $20m in 2015.
TNSC has been involved in several M&A projects in the US and Asian regions in order to grow its overseas business, and is now reviewing its environmental operations.
The new name of TNSK officially came into effect from 1st November 2015.
The Gas Review, issue no. 412