Inox Air Products

Inox Air Products, commonly abbreviated as INOX AP, is an India-based industrial-gas company serving industrial, healthcare, and other commercial customers. Its activities include the production, trading, distribution, and supply of gases such as oxygen, nitrogen, argon, hydrogen, helium, nitrous oxide, acetylene, and specialty gas mixtures. The company operates within the wider INOX Group and is associated with INOX Leasing and Finance Limited and Air Products & Chemicals through its ownership history. The business traces its origins to Industrial Oxygen Company Private Limited, which was established by the Jain family in Pune in 1963. A major structural change occurred in 1999, when Air Products & Chemicals acquired a 50 percent equity interest and a new entity, INOX Air Products, was incorporated. The joint-venture structure combined the Indian operating and industrial-gas platform associated with the INOX interests with the technical and international capabilities of Air Products. INOX AP has developed a nationwide production and distribution network. Reference material describes the company as operating 44 plants across India and, in 2021, having combined liquid-gas manufacturing capacity of more than 3,300 tonnes per day. Its infrastructure includes air-separation units, liquid-gas storage, specialized cryogenic transport, and facilities for high-purity gases. Examples include a 1,250-tonnes-per-day air-separation unit at the Bokaro Steel Plant, three air-separation units with a combined capacity of 1,700 tonnes per day at Hazira in partnership with ArcelorMittal, a 180-tonnes-per-day facility at Sriperumbudur in Tamil Nadu, and an ultra-high-purity cryogenic oxygen plant at Modinagar in Uttar Pradesh. The company also has substantial storage and distribution infrastructure in West Bengal. Healthcare became particularly visible in the company’s public role during the COVID-19 pandemic, when it supplied medical oxygen to hospitals throughout India and was described in the reference material as one of the country’s largest medical-oxygen producers. Its supply chain includes specialized cryogenic tankers; the West Bengal operation was described as using 54 such vehicles with aggregate trunking capacity of 380,000 litres of oxygen. This infrastructure allows the company to serve customers requiring bulk liquid gases as well as users supplied through other distribution formats. The company has also expanded through corporate transactions. Belloxy, a joint venture involving Linde and INOX Air Products, was affected by remedies required by the Competition Commission of India in connection with Linde’s proposed merger with Praxair. Linde subsequently divested its interest, and in 2020 Belloxy became a wholly owned subsidiary of INOX AP. The transaction strengthened INOX AP’s position in the Indian industrial-gas market while addressing the competition concerns associated with the earlier Linde-Praxair transaction. INOX Air Products’ positioning is that of an integrated Indian industrial-gas supplier with nationwide manufacturing, storage, transport, and customer-delivery capabilities. Its customer base spans steel and metals, manufacturing, healthcare, and other sectors that depend on reliable supplies of atmospheric, fuel, medical, and specialty gases. The available reference material describes expansion plans that would have increased liquid-gas production capacity from more than 3,300 tonnes per day in 2021 toward 4,800 tonnes per day by 2024; the realized status of that target is not established here.

Inox Air Products originated in Pune in 1963 as Industrial Oxygen Company Private Limited, a business established by the Jain family to produce and supply industrial oxygen. Its early identity was rooted in the growing importance of industrial gases to Indian manufacturing, metals, engineering, and healthcare. Over time, the company broadened beyond oxygen into a portfolio that included nitrogen, argon, hydrogen, helium, nitrous oxide, acetylene, and specialty mixtures. The company’s defining corporate transition took place in 1999. Air Products & Chemicals acquired a 50 percent equity stake in the business, and a new entity named INOX Air Products was incorporated. The resulting joint venture brought together the Indian interests associated with the INOX Group and the technical, operational, and international resources of Air Products. This structure supported the company’s development into a larger producer and distributor of atmospheric and specialty gases. INOX AP subsequently built a broad national operating footprint. Its activities came to include manufacturing at air-separation facilities, bulk-liquid storage, cryogenic transportation, and direct supply to industrial and medical users. The company’s reported facilities include a high-purity cryogenic oxygen plant at Modinagar in Uttar Pradesh, a 1,250-tonnes-per-day air-separation unit at the Bokaro Steel Plant, three air-separation units with combined capacity of 1,700 tonnes per day at Hazira in partnership with ArcelorMittal, and a 180-tonnes-per-day facility at Sriperumbudur in Tamil Nadu. In West Bengal, the company was described as having 1,000 tonnes of storage capacity and a distribution system supported by 54 specialized cryogenic tankers with total trunking capacity of 380,000 litres of oxygen. The company’s industrial customer base includes steel and metals producers and other manufacturing operations that use oxygen, nitrogen, argon, and related gases in production processes. Its healthcare role became especially prominent during the COVID-19 pandemic. INOX AP supplied medical oxygen to hospitals across India, using its production and logistics network to respond to sharply increased demand. The company was described in the available reference material as one of India’s largest medical-oxygen producers during that period. INOX AP’s corporate structure also changed through the Belloxy transaction. Belloxy had been a joint venture between Linde and INOX Air Products. When Linde pursued its merger with Praxair, the Competition Commission of India required divestment measures to address competition concerns. Linde’s board approved the sale of its Belloxy interest in 2020, after which Belloxy became a wholly owned subsidiary of INOX AP. The company has faced public and regulatory scrutiny. In the aftermath of the 2017 Gorakhpur hospital deaths, questions were raised about the price at which medical oxygen was supplied directly to Baba Raghav Das Medical College Hospital. In 2022, a Tamil Nadu appellate authority ruled against the company on a GST input-tax-credit issue involving leasehold rights used for construction of an air-separation unit. These events form part of the company’s public record but do not by themselves establish a change in its operating status. By 2021, the company was reported to operate 44 plants and to have more than 3,300 tonnes per day of combined liquid-gas production capacity. Reference material also described expansion plans intended to take capacity toward 4,800 tonnes per day by 2024. No independently verified current figure is supplied here, so the outcome of that expansion target remains unspecified.

1. 2022Tamil Nadu GST ruling

   The Appellate Authority for Advance Ruling in Tamil Nadu denied input-tax credit related to leasehold rights acquired for an air-separation-unit project.

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2. 2021Reported national production and distribution scale

   The company was reported to operate 44 plants and to have more than 3,300 tonnes per day of combined liquid-gas production capacity while supplying medical oxygen during the COVID-19 pandemic.

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3. 2020Belloxy becomes an INOX AP subsidiary

   Linde divested its Belloxy interest following competition-related remedies, leaving Belloxy as a wholly owned subsidiary of INOX Air Products.

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4. 2017Gorakhpur oxygen-supply controversy

   The company’s direct medical-oxygen supply arrangement with Baba Raghav Das Medical College Hospital attracted questions about a reported price increase after the hospital deaths.

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5. 1999Air Products acquires a 50 percent stake

   Air Products & Chemicals acquired a 50 percent equity interest, and the INOX Air Products entity was incorporated as a new joint venture.

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6. 1963Industrial Oxygen Company is established

   The Jain family established Industrial Oxygen Company Private Limited in Pune, creating the business that later became Inox Air Products.

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An integrated Indian industrial-gas producer and distributor focused on bulk gases, medical oxygen, high-purity products, and nationwide cryogenic logistics.

• Industrial oxygenIndustrial gas

  Oxygen supplied to industrial customers, including steel, metals, and manufacturing operations. It can be produced and delivered through bulk-gas and cryogenic infrastructure, supporting processes that require controlled and dependable oxygen availability.

• Medical oxygenMedical gas

  Medical-grade oxygen supplied to hospitals and healthcare institutions. During the COVID-19 pandemic, this became one of the company’s most visible activities as it used its plant network, storage systems, and cryogenic tanker fleet to support hospital demand across India.

• Nitrogen and argonIndustrial gas

  Atmospheric gases produced through air-separation operations and supplied to industrial customers. Nitrogen and argon are used across manufacturing, metals, fabrication, and other applications requiring inert or controlled atmospheres.

• Hydrogen, helium, nitrous oxide, and acetyleneIndustrial and specialty gases

  A group of fuel, medical, laboratory, welding, and specialty gases included in the company’s product portfolio. Availability and application vary by gas, customer, and supply format.

• Specialty gas mixturesSpecialty gas

  Blended gases formulated for specialized industrial, laboratory, calibration, or process requirements. The available source identifies specialty gas mixtures as part of the company’s portfolio but does not provide a complete list of formulations.

• 2021Expand liquid-gas production capacityStrategy

  The company was reported to have more than 3,300 tonnes per day of combined liquid-gas manufacturing capacity and was responding to industrial and medical demand.

  What changed. INOX AP described expansion plans intended to raise total liquid-gas production capacity toward 4,800 tonnes per day by 2024.

  Aftermath. The available material does not verify whether the 2024 target was achieved.

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• 2020Acquire full ownership of BelloxyM&A

  Belloxy was a joint venture between Linde and INOX Air Products. Linde’s proposed merger with Praxair led Indian competition authorities to require divestment measures.

  What changed. Linde sold its interest in Belloxy, and the business became a wholly owned subsidiary of INOX Air Products.

  Aftermath. The transaction expanded INOX AP’s ownership of the Belloxy operation while implementing the competition remedy associated with the Linde-Praxair transaction.

  Source

• 2017Gorakhpur medical-oxygen pricing controversyControversy

  Following the 2017 deaths at Baba Raghav Das Medical College Hospital in Gorakhpur, INOX Air Products began supplying medical oxygen directly to the hospital at a reported price 17.5 percent higher than the prior price. The revised arrangement generated public doubts about the pricing, although the available material does not establish a finding of wrongdoing by the company.

  Source

• 2022Tamil Nadu appellate authority denies GST input-tax credit on leasehold rights

  The Appellate Authority for Advance Ruling in Tamil Nadu ruled against INOX Air Products and denied input-tax credit related to leasehold rights obtained for construction of an air-separation unit.

  RegulationLawsuit
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• 2021INOX Air Products expands medical-oxygen supply during the COVID-19 pandemic

  The company supplied medical oxygen to hospitals across India during the pandemic and was described as one of the country’s largest medical-oxygen producers. Its reported network included 44 plants and specialized cryogenic distribution infrastructure.

  Other
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• 2020INOX Air Products becomes sole owner of Belloxy after Linde divestment

  Following competition remedies connected with Linde’s proposed merger with Praxair, Linde sold its interest in Belloxy. Belloxy subsequently became a wholly owned subsidiary of INOX Air Products.

  M&ARegulation
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1. Inox Air Products