InoxCVA, an Indian multinational, signed an MoU with the Gujarat government on Monday to establish a Rs 200 crore cryogenic tank manufacturing facility in Savli, near Vadodara. The agreement was signed in the presence of Gujarat Chief Minister Bhupendra Patel.

The plant will manufacture liquid medical oxygen storage tanks, as well as other cryogenic and non-cryogenic storage equipment. The company has purchased 30 acres of land in order to build the plant.

“The project is expected to generate employment opportunities for at least 500 people from the surrounding areas, contributing to the local economy. INOXCVA aims to provide liquid medical oxygen storage facilities to all hospitals across the country, including those in remote regions,” the company said in a statement.

Siddharth Jain, executive director, INOXCVA, said, “We received wonderful support from the government of Gujarat in setting up this advanced cryogenic tank manufacturing facility in Vadodara. We will expand healthcare infrastructure in India and good quality storage infrastructure plays a key role in providing clean and pure liquid medical oxygen storage facilities in hospitals.”