INOX Success Story - What Makes This Indian Company a Leading Giant?

INOX Success Story - What Makes This Indian Company a Leading Giant?

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Over the years, India has been seeing some huge setups related to trading and manufacturing. Today, the manufacturing sector contributes about 16-17% to the GDP of India and gives employment opportunities to around 21% of the Indian workforce.

One such business started, and ever since, they have been providing employment opportunities to a lot of people. India's one of the most versatile and biggest groups of companies - Inox entered the business world about 90 years ago. In 1920, the company started as a newsprint trading business called Siddhomal and Sons by Shri Siddhomal Jain. Later in the 1960s, his son Devendra Kumar Jain established the Industrial Oxygen Co. Pvt. Ltd. in Pune.

Let's go through Inox's success story, which includes all information about the company such as its Founders, Products, and Services, Mission and Vision, Business and Revenue Model, Investors, Acquisitions, and more.

INOX - Company Highlights

Startup Name INOX
Headquarters Mumbai, Maharashtra, India
Founded 1923
Industry Manufacturing, Media and Entertainment
Founders Devendra Kumar Jain, Pavan Jain, Siddharth Jain

INOX - About and How It Works?
INOX - Founders and Team
INOX - Products and Services
INOX - Mission and Vision
INOX - Business Model
INOX - Revenue
INOX - Merger and Acquisitions
INOX - Advertisement and Campaigns
INOX - Awards and Achievements
INOX - Future Plans

INOX - About and How It Works?

INOX group was started by Devendra Kumar Jain when he decided to go beyond the trading business in 1963. INOX is a multi-billion dollar group of many diversifications. The company first started out setting up manufacturing plants for refrigerants, PTFE resin, extracting and selling gases, and now the most popular multiplex chain INOX Leisure.

Today, the group has three different businesses - INOX Air Products, INOXCVA, and INOX Leisure. The company has been growing ever since its inception and has one of the leading positions in industrial gases, multiplex chains, and cryogenic engineering.

Inox Group has about 200+ business units all over India with more than 10,000 working individuals. Their distribution network is also spread across 50 different countries.

INOX - Founders and Team

Devendra Kumar Jain, Pavan Jain, and Siddharth Jain are the founders of INOX.

INOX Founders - Devendra Kumar Jain, Pavan Jain, and Siddharth Jain (left to right)
INOX Founders - Devendra Kumar Jain, Pavan Jain, and Siddharth Jain (left to right)

Devendra Kumar Jain

With a net worth of $3 billion, Forbes has listed Devendra Kumar Jain as the 70th rank in the list of India's Richest People 2021. He graduated as a History (Hons.) student from St. Stephen College, New Delhi. Having over 65 years of experience in business management and international trade, Devendra Kumar Jain first joined the family's business of paper and newsprint trading business at the age of 18.

He has been also granted the Dignity of an Honorary Member of the Civil Division in the Order of the British Empire by Her Majesty, the Queen of England. He is also a member of the Indian National Committee of the International Chamber of Commerce and World Economic Forum, Geneva, Switzerland.

Pavan Jain

An alumnus of IIT Delhi, Pavan Jain is the Chairman of the INOX group. He has played a significant role in shaping the company's growth to one of the leading manufacturers of industrial gases. His 45 years of experience have made the INOX group a globally recognised company with diversifications such as Refrigerants Gases, Cryogenic Engineering, and Entertainment.

Siddharth Jain

The Director of the INOX group, Siddharth Jain has been actively involved in the family business since 2001. He is a student of Mechanical Engineering and an alumnus of the University of Michigan and holds an MBA degree from INSEAD. Being a member of the World Economic Forum at Davos, Siddharth Jain is also a member of the Young Presidents' Organisation and the President of the Gas Industries Association of India.

INOX - Products and Services

INOX deals in a variety of products and services through its following group companies:

INOX Air Products (INOXAP)

The company was established in 1963 in Pune, Maharashtra. The Jain family wished to make the company go global and capitalised upon the rapid industrialisation, which was taking the country by storm. They formed a joint venture with Air Products and Chemicals Inc. USA in 1999 that ultimately created INOX Air Products.

Today, INOX Air Products is one of the leading manufacturers of industrial and medical gases in India and is proof of one of the longest Indo-American partnerships in the manufacturing sector. Some of the prominent numbers describing INOX Air Products are:

  • Has over 1800+ customers
  • Has served 15+ industries
  • About 560+ fleet size
  • Employs over 1250 people
  • Operates in 45 locations in 17 States
  • Has 4300 cr + Gross Fixed Assets


INOXCVA deals in the manufacturing of standard & engineered cryogenic equipment in India. It has topped its way to becoming the global market leader in the field of insulated cryogenic equipment. With the motto 'Clean Energy', INOXCVA has always continued to evolve as the most economical source of green energy. Founded in 1992, the company has been producing a wide range of portfolios of materials and engineering intellectual properties.

The manufacturing units are set up in Gujarat. The stock, sale, and services are located in Europe, and a repair and rehab facility is located in Brazil.

INOX Leisure Limited

With a vision to create a world-class infrastructure with the latest cinema technology, the INOX group entered the entertainment industry, and that is how INOX Leisure was born. The company opened its first four-screen multiplex at the Inorbit Mall Malad, Mumbai. It was the country's first ScreenX as well as the country's first screen with MX4D theatre effects.

There are a total of 164 multiplexes across 73 cities in India with a footprint of over 702 screens. INOX Leisure Ltd. is one of the largest multiplex chains in India with Alok Tandon as the Chief Executive Officer (CEO).

INOX Wind Limited

A subsidiary of INOX Group, INOX Wind was formed with a vision to bring a change in the climate and renewable energy. It is headquartered in Noida, India.

Siddharth Jain is the man behind this formation as his interest was in climate change and having one of the largest Clean Development Mechanisms (CDM). It has three manufacturing plants in Gujarat, Himachal Pradesh, and Madhya Pradesh.

INOX - Mission and Vision

The INOX group seeks to strengthen society by offering its CSR focus areas in prioritising health and well-being, empowering through education, strengthening rural communities, and encouraging women empowerment.

They want to create a platform where they can interact with communities and initiate programs that empower society to be self-sufficient.

INOX - Business Model

As mentioned earlier, INOX group has its business operating under four categories, industrial oxygen chemicals, cryogenic engineering, renewable energy, and entertainment. Recently, the group has decided to divide the business handle between Pavan Jain and his younger sibling Vivek Jain.

The industrial gas and multiplex business of the group is under the leadership of Pavan Jain. INOX Leisure Ltd. operates its business with 702 screens in 73 cities, making it the second-largest cinema player in the country after PVR. The company is said to have a market capitalisation of more than Rs 6,423 crore and is planning to expand its multiplex business to build at least 50 screens every year. Over the next 4-5 years, the company has a pipeline of another 850 screens to launch.

Presently, their strategic expansion is focused on urban growth in metro cities while prioritising tier 1 cities.

Vivek Jain is handling the business of INOX Wind, INOX Wind energy. INOX Wind energy operates its business by manufacturing and selling Wind Turbine Generators (WTGs), and also provides Erection Procurement  & Commissioning (EPC) Operations & Maintenance (O&M) Wind Farm Development and Common Infrastructure Facilities services for WTGs. The company has three manufacturing plants at Rohika (Gujarat), Una (Himachal Pradesh), and Barwani (Madhya Pradesh).

INOX - Revenue

INOX Leisure Limited Total Income from March 2018 to March 2022
INOX Leisure Limited Total Income from March 2018 to March 2022

The INOX group earns its money through its diversified companies. Inox Air Products’ revenue for the fiscal year ended March 2021 climbed 10% to $307 million from a year earlier, while net profit increased 4% to $65 million. INOX Leisure reported revenue worth $88 million in FY22.

INOX - Merger and Acquisitions

INOX Leisure Ltd acquired Calcutta Cinema Private Ltd in 2006 by buying over 89 cinema halls.

INOX has also acquired Satyam Cineplexes Limited by buying 100% equity shares which are valued at Rs 182 crores.

The company has recently announced that it would be merging with PVR cinemas.

INOX Air products partnered up with Linde plc to form Belloxy. In 2020, Linde had to give up Belloxy, which gave INOX Air Products 100% ownership.

In the month of March this year, PVR and INOX Leisure announced a merger deal to create the largest network of multiplex chains with 1,500+ screens in the country and open up more opportunities. The merger has also got clearance from BSE and NSE.

About PVR Cinemas | Founder | Revenue Model | Growth
PVR Cinemas is a premium multiplex chain of theatres in India. Know about PVR Cinemas, which was first to start a multiplex in India.

INOX - Advertisement and Campaigns

INOX Group Aayega India Campaign
INOX Group Aayega India Campaign

In 2021, INOX Group ran a campaign, 'Aayega India' to support the participants at Tokyo 2020 Olympics. The campaign featured Mary Kom, Vikas Krishan Yadav, and Manika Batra to cheer and pay tribute to the Indian team players' spirit.

Inox Group was the official sponsor of the Indian Olympic Team and was associated with India Olympics Associations (IOA).

In 2020, the brand INOX Leisure Ltd. took to social media to run a campaign on Valentine's Day by asking a question to their audience with #HonourTheCorner. The campaign was launched with the intention to have a fun and interactive session with the audience.

INOX - Awards and Achievements

The following are the prominent awards and achievements of INOX:

  • India Retail Forum's Entertainment Retailer of the Year (2017)
  • Big Cine Expo Awards' Best Technology Adopter of the Year (2016)
  • INOX Wind ranked at 167th position in Business Today's list of 500 most valuable companies in India (2015)
  • Emerging Superbrand of the Year (2007)

INOX - Future Plans

The INOX Group is deciding to focus more on sourcing renewable energy and green raw materials and building green supply chains. They believe that the need of the hour is climate change and is arguably the hardest-hitting wake-up call for industries, government, and individuals.

Siddharth Jain says, "It is increasingly important that all family businesses adapt to this reality."

They also wish to build strong management teams and strong professional teams so that they can run the operations of these companies with efficiency.


Who is the founder of INOX?

Devendra Kumar Jain, Pavan Jain, and Siddharth Jain are the founders of INOX.

Is INOX better than PVR?

PVR operates around 871 screens in 73 cities whereas INOX operates around 702 in 73 cities.

Are PVR and INOX merger?

INOX and PVR announced their merger deal earlier this year in March. The merger deal has also got clearance from stock exchanges BSE and NSE.

What will happen to INOX's shares after the merger?

After the merger of INOX and PVR, the shareholders of INOX will get 3 shares in PVR for every 10 shares of INOX.

Is INOX Air Products listed on NSE?

No, INOX Air Products is not listed on NSE.

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