 | |
| Company type | Private |
|---|---|
| ISIN | INE321A01012 |
| Industry | Industrial gases |
| Predecessor | Industrial Oxygen Company Private Limited |
| Founded | 1963 (1963) |
| Founder | Devendra Kumar Jain |
| Headquarters | , India |
Area served | India |
Key people | Pavan Jain, Siddharth Jain |
| Products | |
| Revenue |  ₹1,558 crore (US$180 million)[1] (2020) |
| ₹1,783 crore (US$210 million)[2] (2021) | |
| ₹859 crore (US$100 million)[2] (2021) | |
| Owner | Jain family Air Products & Chemicals. |
| Parent | Inox Leasing and Finance Limited (49.74%) Air Products & Chemicals (49.74%) |
| Website | inoxairproducts |
INOX Air Products, also known asINOX AP, is theIndia-basedindustrial gas company. It is a joint venture betweenINOX Leasing and Finance Limited andAir Products & Chemicals.[3][4] The company is engaged in the manufacturing, trading, and supply of industrial and medical gases includingoxygen,nitrogen,argon,hydrogen,[5]helium,nitrous oxide,acetylene, and specialty gas mixtures.[6]
The company was established by theJain family in the year 1963, asIndustrial Oxygen Company Private Limited inPune, India. In 1999,Air Products & Chemicals Inc., acquired a 50 percent equity stake in the company, and a new entity was incorporated; INOX Air Products.[7]
The company is headquartered inMumbai and it operates 44 plants across the country for supplying medical and industrial gases.[8] During theCOVID-19 pandemic, the company became one of the largest producers of medical oxygen by supplying it to hospitals across India.[9]
InWest Bengal, INOX AP has the largest storage capacity of 1,000 tonnes and the pan-India distribution infrastructure. The company has been supplying medical Oxygen to hospitals in the state using its fleet of 54 specialized cryogenic tankers with a total trunking capacity of 380,000 liters of Oxygen.[10]
It also operates an Ultra-High Purity Cryogenic Oxygen Plant inModinagar inGhaziabad district ofUttar Pradesh,[11] a 1,250-tonnes per day (TPD) Air Separation Unit atBokaro Steel Plant,[12] a three air separation unit of combined 1700 TPD capacity atHazira in partnership withArcelorMittal[13] and a 180 TPD Sriperumbudur plant inTamil Nadu.[14]
As of 2021, the company has a combined capacity to manufacture more than 3,300 tonnes per day (TPD) of liquid gases.[15] The future expansions will push total liquid gases production to 4,800 TPD by 2024.[16]
Belloxy was a joint venture betweenLinde plc and INOX Air Products. Later as per the directives given byCompetition Commission of India, Linde had to divest its shareholding in the JV to address anti-competitive issues which arose due to its proposed merger withPraxair.[17][18] In 2020, Linde's board approve the sale of Belloxy and the latter became a 100% subsidiary of INOX AP.[17]
In the aftermath of the2017 Gorakhpur hospital deaths,[19][20] the company started selling medical oxygen directly toBaba Raghav Das Medical College Hospital but at a 17.5% higher than the previous price, which raised doubts on the new deal.[21][22]
In 2022, an Appellate Authority for Advance Ruling ofTamil Nadu state ruled against the company and denied input tax credit under theGoods and Services Tax on leasehold rights acquired for the construction of air separation unit in the state.[23]