APAC-focused alternative investment firm PAG has completed its sale of Chinese fertiliser producer Anyang Nitrogen Fertilizer to Singapore-based Indorama Corporation, marking its divestment from a portfolio that it had acquired and revamped over the past seven years.
Headquartered in Henan Province in central China, Anyang Nitrogen Fertiliser is a part of AirPower’s clean energy portfolio. Its core product is urea, complemented by a diversified range of by-products such as ammonia, automotive-grade urea, and industrial gases.
It is a part of AirPower Technologies, an industrial gas and clean energy giant that PAG formed in the summer of 2021 by integrating two of its portfolio companies, Yingde Gases and Baosteel Gases.
With over $55 billion in assets under management (AUM), the Hong Kong-based investment powerhouse had acquired 100% of the then Hong Kong-listed industrial gas producer Yingde Gases through a take-private transaction in April 2017.
In July 2021, PAG integrated Yingde Gases with its domestic counterpart Baosteel Gases, in which PAG had purchased a controlling stake in 2018, to form AirPower Technologies.
This transaction marks another divestment by PAG from AirPower. The firm had earlier exited AirPower’s onshore industrial gas operations, Hangzhou Yingde Gases, in January 2025, a deal that PAG said was the largest control buyout exit in China in recent years, though it did not disclose the transaction size.
A Bloomberg report at the time, citing people familiar with the matter, said that PAG had agreed to sell the asset to a Chinese consortium of largely domestic insurance companies and private funds in a deal valued at $6.8 billion. PAG had retained a 25% stake in the business, while it continued to own other AirPower assets, including its clean energy business.
The buyer of Anyang Nitrogen Fertiliser, Indorama, is a global producer of essential materials, including fertilisers, polymers, fibers, yarns, and medical gloves, with a network of manufacturing sites around the world.
This acquisition marks a significant expansion of Indorama’s presence in China and reinforces its commitment to supporting global food security and promoting sustainable agricultural practices, according to the statement.
“This milestone not only solidifies our presence in the world’s largest fertiliser market but also aligns with our strategic focus on investing in high-quality assets that deliver reliable and sustainable solutions,” said Amit Lohia, vice chairman of Indorama.
“We look forward to building on Anyang’s strong operating base in Henan, leveraging our global expertise to further enhance product offerings and drive long-term growth in China,” said Lohia.
