Kelington Group Bhd is investing RM120 million to build its first industrial gas plant in India, marking a significant expansion of its regional footprint.
The Malaysian engineering solutions provider will construct a 300-tonnes-per-day air separation unit in the state of Maharashtra, according to reports from The Sun Daily.
The project, executed through a wholly-owned subsidiary, underscores Kelington's strategy to capitalize on India's rapidly industrializing economy.
By establishing a local production facility, the company aims to secure a foothold in a market that has seen surging demand for industrial gases across manufacturing and healthcare sectors.
This move follows positive sentiment from local analysts.
RHB Research recently lifted its price target for Kelington shares to RM10.50 from RM9.10, maintaining a "Buy" rating.