From IPO plans, deal with Tata Group to PVR merger, INOX's top boss opens up on the company's future – Business Today

Siddharth Jain, the Managing Director of Inox Group,  recently laid out the company’s expansion plans, mentioning green hydrogen, the potential Initial Public Offering (IPO) of its cryogenics equipment segment, and the merger with PVR Cinemas, in an interview with Business Today TV Managing Editor Siddharth Zarabi.
Jain said, “We are the largest industrial and medical gases company in India. We’re currently present in about 54 operating locations in 17 states. But we’re still expanding.”
He also noted that the Inox Group has committed to a capital expenditure of Rs 5000 crore, Rs 2000 crore of which has already been invested, and the remaining set to be implemented by 2025. The largest part of this investment is a Rs 1300 crore deal with Tata Steel to supply industrial gases for a plant expansion project. 
“We’ve just signed a landmark deal for our company. It’s the single largest greenfield investment we will be doing to date in a single site, and the single largest liquid manufacturing base in a single site across the country,” Jain stated.
The expansion is expected to span across ten different manufacturing sites, addressing diverse industries, the MD said. Future plans include increased production to meet the growing demand for industrial gases in the semiconductor and solar photovoltaic cell industries.
Jain also expressed optimism about a further engagement with Tata Steel and other Tata Group companies. 
“We recently signed a deal with Tata Solar as a customer, wherein we’re going to be procuring 40 megawatts of solar power from them in our decarbonizing journey,” he said.
He also spoke about Inox’s merger with PVR. He said that the Inox Group remains the largest shareholder in the deal, but it has ceded operational control to PVR. Despite this, Jain believes the merger will benefit the group.
Jain also highlighted that in the medical sector, Inox has increased its medical oxygen capacity by 50 per cent since the COVID-19 pandemic, addressing the country’s need for more accessible oxygen. Jain said, “In the past two years, there’s been at least 500 hospitals that have added liquid oxygen installations to their facilities.”
The MD also hinted at the possible IPO of the cryogenics equipment segment, Inox CVA, which could potentially mark the group’s entry into the public market. However, no definitive timeline was given.
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