Pune: New Field Industrial Equipment Pvt. Ltd, an engineering company that designs and manufactures pressure vessels, and U.S.-based FIBA Technologies, Inc, a global provider of gas containment equipment and services, have formed a 50/50 joint venture to manufacture cryogenic equipment and CNG products in India.
The joint venture will be named FIBA NEW FIELD Gas Technology Products Pvt. Ltd. (FNF Gas) and will be headquartered in Vadodara, Gujarat, India. Operations at the company's facility in Vadodara will commence in March 2011.
FNF Gas will be manufacturing and supplying stationary cryogenic tanks, portable cryogenic tanks, CO2 tanks, ambient vaporizers, pressure vessels and related gas containment accessories. The company will focus on supplying customers in India as well as the United States, Europe, Asia and the Middle-East.
FIBA will provide technical know-how, processes and systems to support NEW FIELD's manufacturing in India. FNF Gas will achieve high productivity by building a state-of-the-art facility with modern equipment and an efficient plant layout.
The JV will leverage FIBA's vast experience and knowledge of cryogenic and CNG equipment and NEW FIELD's long history of pressure vessel manufacturing and engineering.
"We recognize a significant opportunity to supply cryogenic and CNG products in India and the rest of the world. This joint venture allows us to expand our geographic presence and to manufacture technologically superior products locally in India," said John Finn Sr., President and CEO of FIBA.
"The JV combines the strong brand and ethical values of both companies and will deliver quality products to markets in Asia, Europe, and United States. We plan to serve global customers with high quality, reliable and safe gas containment equipment. We are delighted to have the opportunity to work with FIBA and welcome them to India," said Sumul Patel, President and CEO of NEW FIELD and also FNF Gas.
Founded in 1971 and headquartered in Vadodara, Gujarat, India, NEW FIELD is well established and boasts an existing customer base that includes companies like Davy Powergas, Humphreys and Glasgow, Snamprogetti Ltd, Snia Viscosa Ltd, EIL, PDIL, and FEDO. It is also a vendor for a wide range of ejector systems. New Field Industrial Equipment designs and manufactures pressure vessels, including ejector & vacuum systems, surface condensers, heat exchangers, storage vessels, agitated vessels, scrubbers, eductors, gas skids and turn-key projects.
"We are looking forward to our new relationship and have planned for profitable growth in the joint venture. We are excited about the potential to expand our cryogenic products in the Indian and Asian markets. We look forward to working with our Indian partners and expect great success," added John Finn, Vice President of Fiba Technologies.
WORBUS, a global M&A firm, with an office in Pune facilitated the joint venture. |
