The century-old Inox group, started by the grandfather of siblings Pavan Jain and Vivek Jain, and great-grandfather of Siddharth and Devansh Jain, has split its businesses into two. Chairman Pavan Jain has got the industrial gas and multiplex units whereas younger brother Vivek Jain has inherited the specialty chemicals and renewable energy portfolios. A family accord was recently signed by patriarch Devendra Jain, father of Pavan and Vivek, following disputes and differences between the two brothers over the running of the various businesses.
The business group started as a paper and newsprint trading company and went on to become the country’s largest liquid medical oxygen manufacturing company during the COVID-19 pandemic. While Pavan and Vivek Jain represent the third generation of the family in the business, Siddharth and Devansh Jain are the fourth.
Delhi-based Vivek has inherited three publicly listed companies — Gujarat Fluorochemicals, Inox Wind and Inox Wind Energy — besides a closely-held unit, Inox Green Energy. Older brother Pavan Jain, who is based in Bombay, has got the publicly listed Inox Leisure, the country’s second-largest multiplex player, besides two closely-held outfits — Inox Air Products and Inox India. Pavan Jain’s son, Siddharth Jain, who is the brother-in-law of Punit Goenka (of Zee), oversees the three businesses. The businesses of Pavan Jain’s faction will be grouped under the brand name of Inox which derives its name from the combination of ‘Industrial Oxygen’. The market cap of Inox Leisure is Rs. 5,412 crore while its total income is Rs. 148 crore.