// Workers AI · dad joke modeWhat did Inox say to its stainless friend? You're a steel above the rest.
| Type | Conglomerate |
|---|---|
| Industry | Industrial gases, cryogenic equipment, chemicals, renewable energy, film exhibition |
| Founded | 1963 (as Industrial Oxygen Company) family business dates to the 1920s |
| Founder | Devendra Kumar Jain |
| Headquarters | Mumbai, Maharashtra, India |
Area served | India |
| Key people | Pavan Jain (Chairman, Inox Group) Vivek Jain (Chairman, INOXGFL Group) |
| Brands | INOX Air Products, INOXCVA, PVR INOX, Gujarat Fluorochemicals, Inox Wind |
Number of employees | 10,000+ |
| Website | inoxgroup |
The Inox Group is a diversified Indian conglomerate founded by the Devendra Kumar Jain family, with origins in a paper and newsprint trading business established in the 1920s and in the industrial gases company founded by Devendra Kumar Jain in 1963.[1] The group's name derives from "Industrial Oxygen Company".[2] Over more than a century, the family built businesses spanning industrial and medical gases, cryogenic equipment, chemicals and fluoropolymers, wind and solar energy, and film exhibition. In 2021, following a family settlement between the two sons of the patriarch Devendra Kumar Jain, the group's businesses were split into two branches: the Inox Group led by Pavan Jain (industrial gases, cryogenics and, until its merger with PVR INOX, the multiplex business), and the INOXGFL Group led by Vivek Jain (fluorochemicals and renewable energy).[2][3] Both branches continue to use the Inox name.
History
[edit]Origins (1920s–1970s)
[edit]The Jain family's business involvement began in the 1920s, when Siddhomal Jain established Siddhomal and Sons, a paper and newsprint trading business. In the 1960s his son, Devendra Kumar Jain, moved from trading into manufacturing, establishing Industrial Oxygen Co. Pvt. Ltd. in Pune in 1963 to extract, liquefy and sell gases from natural air for the steel, manufacturing and healthcare sectors.[1] In 1976, Baroda Oxygen Limited was incorporated in Gujarat; it was renamed INOX India Limited in 1987 and later adopted the brand INOXCVA.[4] The company became a manufacturer of cryogenic tanks and equipment for the storage, transportation and distribution of liquefied gases.
Diversification (1980s–2000s)
[edit]In 1987, the family incorporated Gujarat Fluorochemicals Limited (GFL) as a refrigerants manufacturer; it later built a large integrated chemical complex at Dahej, Gujarat (2007–08) and diversified into fluoropolymers, becoming India's only PTFE/fluoropolymer manufacturer.[5] In 1999, the group entered a joint venture with Air Products & Chemicals Inc. of the United States, which acquired a 50 per cent stake in the industrial gases business; the venture, INOX Air Products, grew into India's largest manufacturer of industrial and medical gases, operating over 50 plants across the country.[6] The family also entered the film exhibition business: Inox Leisure Limited was incorporated in November 1999 and opened its first multiplex in Pune in May 2002. Through the acquisitions of the Fame (2012) and Satyam (2014) cinema chains, Inox Leisure became India's second-largest multiplex operator.[7]
Renewables and growth (2009–2020)
[edit]In 2009, the group diversified into wind energy through Inox Wind Limited, promoted by Vivek Jain's son Devansh Jain.[8] Inox Wind became a fully integrated wind energy solutions provider and was listed on the stock exchanges in 2015. The business grew rapidly between 2010 and 2016, but a 2017 regulatory shift from feed-in tariffs to competitive bidding led to a prolonged downturn in the Indian wind sector, during which Inox Wind's debt rose sharply before a recovery driven by promoter capital infusions.[8] Gujarat Fluorochemicals also expanded internationally, incorporating subsidiaries in the Americas (2009) and Germany (2013), and entering a joint venture in China for anhydrous hydrogen fluoride.[5]
Family settlement and split (2021)
[edit]In November 2021, following a family accord signed by the then 92-year-old patriarch Devendra Kumar Jain, the century-old group formally divided its businesses between his two sons.[2]
- Pavan Jain, the elder son, based in Mumbai, retained the industrial gases business (Inox Air Products), the cryogenic equipment business (Inox India / INOXCVA) and the listed multiplex company Inox Leisure. His son Siddharth Jain oversees these businesses, which are grouped under the "Inox Group" name.[2]
- Vivek Jain, the younger son, based in New Delhi, received the specialty chemicals and renewable energy portfolio — Gujarat Fluorochemicals, Inox Wind and Inox Wind Energy — rebranded as the INOXGFL Group. His son Devansh Jain leads the renewables business.[3]
Vivek Jain's family controls about 66 per cent of Gujarat Fluorochemicals, 67 per cent of Inox Wind and 69 per cent of Inox Wind Energy; the Pavan Jain family holds roughly 30 per cent each of Inox Leisure and Inox Air Products, with minor cross-holdings remaining between the two branches. The two branches do not have a non-compete arrangement.[3]
Recent developments (2022–present)
[edit]- In 2022, Inox Green Energy Services, the wind operations-and-maintenance arm of Inox Wind, was listed on the Indian stock exchanges; it has been described as the world's first listed pure-play wind O&M company.[9] In March 2022, Inox Leisure and PVR Ltd announced an all-stock merger, with INOX shareholders receiving 3 PVR shares for every 10 INOX shares.[10]
- In 2023, the Inox Leisure–PVR merger became effective on 6 February 2023 after National Company Law Tribunal approval, creating PVR INOX Limited — India's largest multiplex chain, with over 1,600 screens. The erstwhile INOX promoters became co-promoters with a 16.66 per cent stake, and Pavan Jain became non-executive chairman of the merged entity.[10][11] In December 2023, INOXCVA (Inox India Limited) was listed via a ₹1,459-crore initial public offering (entirely an offer for sale) at ₹627–660 per share, valuing the company at about ₹5,990 crore.[4][12]
- From 2023, the INOXGFL branch expanded into solar manufacturing and green energy, establishing Inox Clean Energy, Inox Solar and Inox Neo Energies, and carving out new GFL subsidiaries for EV battery chemicals (GFCL EV Products) and solar/green-hydrogen fluoropolymers (GFCL Solar & Green Hydrogen Products).[9] Inox Wind returned to profitability after a capital infusion by its parent Inox Wind Energy, which is being amalgamated into Inox Wind.[8]
Businesses
[edit]- Industrial and medical gases. Inox Air Products, a 50:50 joint venture between the Jain family's holding company and Air Products & Chemicals of the United States, is India's largest manufacturer of industrial and medical gases, with more than 4,700 tonnes per day of liquid capacity across more than 52 locations, serving over 1,800 customers in sectors including steel, glass, chemicals, electronics and healthcare. During the COVID-19 pandemic, it was among India's largest producers of medical oxygen.[1][6]
- Cryogenic equipment. INOXCVA (Inox India Limited), headquartered in Vadodara, is India's largest supplier of cryogenic equipment by revenue and one of the world's leading cryogenic tank manufacturers. Its products — standard cryogenic tanks, liquefied natural gas (LNG) storage and distribution equipment, beverage kegs and bespoke turnkey systems — serve industries including industrial gases, LNG, green hydrogen, space research, healthcare and pharmaceuticals; it has supplied equipment to scientific programmes including ISRO, CERN and ITER, and exports to over 60 countries.[4]
- Chemicals and fluoropolymers (INOXGFL branch). Gujarat Fluorochemicals is India's only manufacturer of PTFE and a leading producer of fluoropolymers, refrigerants and specialty fluorochemicals, with operations at Dahej and Ranjitnagar in Gujarat. Newer subsidiaries serve EV battery materials and solar/green-hydrogen applications.[5][9]
- Renewable energy (INOXGFL branch). Inox Wind is a fully integrated wind energy company providing turnkey solutions — wind turbine generators, EPC and, through subsidiaries, operations and maintenance (Inox Green Energy Services) and EPC services (Inox Renewable Solutions, formerly Resco Global). Inox Clean Energy houses the group's independent power producer business (Inox Neo Energies) and solar manufacturing venture (Inox Solar).[9]
- Film exhibition. Inox Leisure operated one of India's largest multiplex chains (about 675–720 screens across 72–74 cities at the time of the merger) until its amalgamation into PVR INOX Limited in February 2023; the Jain family remains a co-promoter of PVR INOX.[10][7]
Companies
[edit]| Company | Sector | Branch | Status |
|---|---|---|---|
| INOX Air Products | Industrial and medical gases | Inox (Pavan Jain) | Private; 50:50 JV with Air Products, USA |
| Inox India Ltd (INOXCVA) | Cryogenic equipment | Inox (Pavan Jain) | Listed (BSE, NSE), December 2023 |
| Inox Leisure Ltd | Multiplexes / film exhibition | Inox (Pavan Jain) | Merged into PVR INOX Ltd, February 2023 |
| PVR INOX Ltd | Multiplexes | — | Listed; Jain family co-promoter (16.66%) |
| Gujarat Fluorochemicals Ltd | Fluoropolymers, fluorochemicals | INOXGFL (Vivek Jain) | Listed (BSE, NSE) |
| GFCL EV Products Ltd | EV battery chemicals | INOXGFL | Subsidiary of GFL |
| GFCL Solar & Green Hydrogen Products Ltd | Solar / green hydrogen fluoropolymers | INOXGFL | Subsidiary of GFL |
| Inox Wind Ltd | Wind turbine manufacturing | INOXGFL | Listed (BSE, NSE), 2015 |
| Inox Green Energy Services Ltd | Wind O&M services | INOXGFL | Listed (BSE, NSE), 2022 |
| Inox Renewable Solutions Ltd | EPC services | INOXGFL | Subsidiary of Inox Wind |
| Inox Clean Energy Ltd | Renewables IPP and solar manufacturing | INOXGFL | Unlisted holding company |
| Inox Neo Energies Ltd | Renewable power generation | INOXGFL | Subsidiary of Inox Clean Energy |
| Inox Solar Ltd | Solar cells and modules | INOXGFL | Subsidiary of Inox Clean Energy |
| Inox Leasing and Finance Limited | investment and credit company | INOXGFL |
- 1 2 3 "About INOX Group". INOX Group. Retrieved 30 September 2026.
- 1 2 3 4 "Century-old Inox's business split between 2 families". The Times of India. 10 November 2021. Retrieved 30 September 2026.
- 1 2 3 "Century-old Inox Group reaches settlement over division of business". The Economic Times. 10 November 2021. Retrieved 30 September 2026.
- 1 2 3 "Basis of Allotment — Initial Public Offering of Inox India Limited" (PDF). BSE India. December 2023. Retrieved 30 September 2026.
- 1 2 3 "GFL History". Gujarat Fluorochemicals Limited. Retrieved 30 September 2026.
- 1 2 "INOX Air Products History". INOX Air Products. Retrieved 30 September 2026.
- 1 2 "CRISIL Ratings: Rating rationale — INOX Leisure Limited". CRISIL. 12 April 2023. Retrieved 30 September 2026.
- 1 2 3 "Inox Wind has all building blocks in place: Devansh Jain, Executive Director, InoxGFL Group". The Economic Times. 18 August 2024. Retrieved 30 September 2026.
- 1 2 3 4 "About Us". INOXGFL Group. Retrieved 30 September 2026.
- 1 2 3 "PVR Limited and INOX Leisure Limited Announce Merger" (PDF) (Press release). PVR Limited (NSE filing). 27 March 2022. Retrieved 30 September 2026.
- ↑ "PVR-INOX merger gets NCLAT nod, appeal against CCI order dismissed". The Hindu BusinessLine. 11 August 2023. Retrieved 30 September 2026.
- ↑ "Cryogenic tank maker InoxCVA sets Rs 627-660 price band for Rs 1,459-cr IPO". ABP Live. Press Trust of India. 12 December 2023. Retrieved 30 September 2026.