Tie-up aims to build industrial gas projects
Print Edition
SHANGHAI Baosteel Gases Ltd said yesterday it has formed a partnership with an affiliate of Warburg Pincus, a global private equity firm, to develop industrial gas projects.
The partners will acquire the industrial gas assets of Henan Jinkai Chemical Investment Holding Group for 3 billion yuan (US$488 million).
“We look forward to working with the Warburg Pincus teams to further expand and deepen our footprint in the industrial gas field at home and abroad, and to accelerate the execution of our internationalization strategy,” said Sheng Zhongke, CEO of Baosteel Gases.
Warburg Pincus will support Baosteel Gases’ future development by leveraging its international experience in the capital markets and its strong industry and investment knowledge in China, according to Bo Bai, its executive director.
Baosteel Gases is a wholly-owned subsidiary of Baosteel Metal with interests in industrial, synthetic, and packaged gas. Warburg Pincus, which entered China in 1994, has invested over US$4 billion into leading Chinese energy and real estate companies.
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