| Gases and Related Products | Oxygen, nitrogen, argon supply via onsite plants, bulk liquid, packaged gases; healthcare products. | Largest ASU infrastructure, established customer base, strong distribution network, technology edge. | Industrial clients in steel, chemicals, healthcare; B2B with some healthcare B2C elements. | Healthcare gases, onsite supply contracts, specialty gases delivery. | 20406 | 82 | Sales of gases under long-term and merchant supply contracts. | Long-term supply contracts, merchant pricing, volume-based billing. | Strong demand in metals, healthcare, electronics; renewable energy usage; pricing discipline. | LIV cylinders, ENTONOX gas blend |
| Project Engineering | Design, manufacture, installation, and commissioning of gas plants and related equipment. | Engineering expertise, certification (U-stamp), strong order backlog, global project experience. | Steel, refinery sector, international projects; B2B large industrial customers. | Cryogenic vessel manufacturing, turnkey ASU projects. | 4446 | 18 | Project contracts, engineering services, manufacturing fees. | Project-based billing and milestone payments. | Infrastructure investments, steel sector capex, export orders, technological expertise. | Air Separation Units, VPSA oxygen plants, nitrogen plants |
