"The name of the company and core existing management would not be changed. The existing managing director P K Agarwala would continue in the post," Air Water corporate director and GM (planning) Masato Machida said here.
This was quite unsual as the stake of existing promoters had declined close to 24 per cent from over 70 per cent after a takeover deal.
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The deal, struck three months ago, was valued at 1.8 billion yen or Rs 1.09 billion, based on the current exchange rate, that raised Air Water's stake to 51 per cent.
Air Water would have three members on the board out of nine in Air Water-owned Ellenbarrie.
Air Water was new to India and was planning to leverage existing management and Ellenbarrie to expand its diversified business in India.
"We are exploring areas of diversification beyond industrial gases from the diversified products portfolio Air Water has globally," Machida said. Meanwhile, the company was pumping in Rs 70 crore capex in FY 14' building new industrial gases infrastructure at Hyderabad, officials said. Agarwala said the company handed over the management to take the company to the next level with help of the Japanese 542 billion Yen company.