The pair said they planned to jointly explore and develop projects in the industrial gas field under the new strategic partnership.
Baosteel Gases is a wholly-owned subsidiary of Baosteel Metal, and works in areas including industrial and synthetic gases, packages gases and new energy.
Warburg Pincus has invested more than $14.7bn in more than 110 energy and industrial companies since it was founded, covering areas such as aircraft, automobile, security equipment, refrigeration, oil and gas, power and renewable energy.
Since entering the Chinese market in 1994 the firm has invested more than $4bn into leading Chinese companies in industrial, energy, consumer and retail, healthcare, real estate and TMT industries.
Warburg executive director Bo Bai, who is responsible for the firm’s energy and industrials investment in Asia, said, “We like the industry leadership position and quality of assets of Baosteel Gases, as well as the excellent management team in our strategic partnership.
“We look forward to providing our support for Baosteel Gases’ future development by leveraging our international experience in the capital markets and our strong industry and investment knowledge in China.”
Copyright © 2014 AltAssets