Pune : Worbus,  a global M&A firm, with an office in Pune, recently faciliated the joint venture between Indian-based, NEW FIELD Industrial Equipment Pvt. Ltd. (“NEW FIELD”) and U.S.-based FIBA Technologies, Inc. Worbus played an important role in the JV and advised both parties in the transaction.

(“FIBA”) have united in a joint venture to manufacture cryogenic equipment and CNG products in India. This 50/50 joint venture 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. 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.

NEW FIELD Industrial Equipment Pvt. Ltd. is a leading engineering company that 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. Founded in 1971 and headquartered in Vadodara, Gujarat, India, NEW FIELD is well established and boasts an existing customer base that includes such companies as Davy Powergas, Humphreys and Glasgow, Snamprogetti Ltd, Snia Viscosa Ltd, EIL, PDIL, and FEDO. A renowned vendor of a wide range of ejector systems, NEW FIELD supplies its products to a large number of end users in India and a host of international customers.

FIBA Technologies, Inc. is a global provider of gas containment equipment and services. Founded in 1958 and headquartered Millbury, Massachusetts, United States, FIBA’s product line includes seamless pressure vessels, tube trailers, ISO skids, cryogenic and CO2 tanks, ambient vaporizers, and related gas containment accessories. FIBA supplies products to customers around the world in numerous business sectors, including the industrial gas, chemicals, specialty gas, offshore oil and gas exploration, and alternative fuel industries. FIBA’s products are manufactured with the highest standards in the industry and are in compliance with DOT, ISO, or ASME codes as required. The company also offers certification to numerous other international codes and quality standards, including IMDG, DNV, UN, SELO, and KGSC.

Key factors in FIBA’s success over the years have been its commitment to quality, focus on innovation, dedication of employees, and a service-oriented philosophy. These qualities have allowed FIBA to develop a strong brand name in the gas containment equipment industry. The joint venture strives to uphold the same level of quality manufacturing that customers have come to know and expect from FIBA. John Finn Sr., President and CEO of FIBA, states: “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.”

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.