Inox India Ltd has acquired a majority stake in US based – Cryogenic Vessel Alternatives.

Inox CEO - Parag Kulkarni didnot divulge the deal size saying that the two companies had signed a confidenitiality agreement, however, the deal size is estimated to be about $140 Mn.

He, however informed that the deal has been funded through internal accruals and debt. He also said that the company is planning one more acquisition in US.

This acquisition will make Inox the second largest company offering cryogenic storage, transportation and distribution products. While INOX India leads the market in stationary storage tanks, CVA is a specialist in large cryogenic transport tanks and mobile Oil/Gas Field pumping units. CVA’s product portfolio will enable Inox India to address the needs of newer target audience in India that contributes about 40% in its turnover.

Inox India Ltd is expecting the consolidated sales revenue to cross $110 Mn. It will invest an additional $22 Mn in phases to commission new facilities and expand existing pants.

Established in 1992, INOX India Ltd. is part of the INOX Group which has interest in diverse businesses including Industrial Gases, Refrigerant Gases, Fluoro Chemicals, PTFE, Renewable Energy, Cryogenic Equipment and Entertainment.  Gujarat Fluorochemicals and Inox Leisure are also a part of Inox Group.

Inox India manufactures cryogenic liquid storage and transport tanks. It is one of the five top manufacturers of disposable refrigerant gas cylinders globally. It has three ultra modern facilities at Kalol, near Vadodara, Kandla, Ghandhidham which is a port side SEZ and Silvassa.

Its clientele include leading gas companies such as Air Liquide, Air Products, BOC, Linde, Messer, Nippon Sanso and Praxair, among others. Inox India posted revenues worth Rs 250 crore in 08-09.

Cryogenic Vessel Alternatives, with revenues of approximately US $60 Million last year, has manufacturing and repair facilities for cryogenic transportation equipment at Mont Belvieu, Texas, USA, with presence across Canada, China and Turkey.