INOX Air Products

What INOX Air Products does

INOX Air Products Private Limited is India's largest manufacturer of industrial and medical gases, operating as a 50-50 joint venture between Air Products & Chemicals Inc. (USA) and the INOX Group (Jain Family) since 1999. The company was founded in 1963 as Industrial Oxygen Company in Pune and has grown through organic capacity build-out plus key acquisitions — most notably the 2015 purchase of three 1,700 TPD air separation units from Essar Steel Hazira, which established its current market leadership.

The core technology is cryogenic air separation, producing oxygen, nitrogen, argon, helium, hydrogen, rare gases, ultra-high purity (UHP, 6N grade) gases, and green hydrogen via electrolysis. INOXAP operates 48+ manufacturing and distribution facilities across 17 Indian states, with a combined liquid gas capacity exceeding 4,200 TPD and the country's largest cryogenic distribution fleet at 700+ vehicles. Its largest onsite complex is the 11,100 TPD installation at the AM/NS India Hazira plant. The product mix spans core industrial gases, specialty/calibration gases, food gases, and emerging green hydrogen and UHP semiconductor-grade gases.

Revenue is generated through four channels: (1) on-site Build-Own-Operate (BOO) supply under 15-20 year take-or-pay contracts with steel and emerging solar/PV majors; (2) merchant bulk liquid supply under 3-5 year indexed agreements serving 15+ end markets; (3) packaged gases in cylinders, microbulks, and portacryos; and (4) specialty gases for scientific and instrumentation applications. Reported revenue for FY ending March 2025 was $295 million (USD), and the company serves 1,800+ customers across 18 industries. In March 2026, INOXAP announced plans for a $1 billion IPO on Mumbai stock exchanges with Kotak, JPMorgan, and Citi as lead managers. It is rated AA+/stable by CRISIL and is net debt-free.

Name

INOX Air Products

Legal name

INOX Air Products Private Limited

Website

https://inoxairproducts.com

Company type

Private

Founded year

1963

Operating status

Operating

Headcount range

1,001–5,000 employees

Short description

INOX Air Products is India's largest industrial and medical gases manufacturer, a 50-50 JV between Air Products (USA) and INOX Group. It produces oxygen, nitrogen, argon, UHP and specialty gases via cryogenic air separation, serving steel, solar PV, semiconductor, healthcare and glass customers across 17 states.

Ownership category

akta.pro rank

Product category

Industrial & Medical Gases

NAICS

Industrial Gas Manufacturing (32512), Basic Chemical Manufacturing (3251)

SIC

Industrial Inorganic Chemicals (2810), Chemicals & Allied Products (2800)

akta.pro primary industry

Air Separation (Oxygen/Nitrogen/Argon) (IMAEACAA)

akta.pro secondary industries

Industrial Gas & Air Separation Equipment (ASU, PSA, Cryogenic Systems) (IMAHAEAI), Cryogenic Liquids & Distribution (IMAEACAK), Medical & Healthcare Gases (IMAEACAF), Electronics & Semiconductor High-Purity Gases (IMAEACAG), Gas Handling Equipment & Storage (Cylinders/Tanks/Valves) (IMAEACAL)

Keywords

• Industrial gas manufacturing
• Medical gas supply
• Cryogenic air separation
• Green hydrogen production
• Ultra-high purity gases

Headquarters

HQ city

Mumbai

HQ country

India

HQ region

Asia

Offices11 records

Markets served

GTM type

B2B

Offering type

Hardware or Manufacturing

Cost components

Operations, Infrastructure, Supply Chain, Personnel, Technology or R&D

Revenue model

1. On-site Gas Supply (BOO Model): Build-Own-Operate model with 15-20 year take-or-pay contracts indexed to energy and inflation. The company designs, builds, and operates air separation plants at customer sites (primarily steel plants) supplying gaseous oxygen, nitrogen, and argon under long-term commitments.
2. Merchant Supply: Supply of liquid gases (oxygen, nitrogen, argon) from standalone production plants to multiple customers. Capacity of more than 3150 metric tons per day, serving over 15 end markets with 3-5 year supply agreements indexed to energy inflation.
3. Packaged Gases: Industrial and medical gases supplied in high-pressure cylinders, microbulks, and portacryos to customers with small and mobile gas requirements across key industrial zones in India.
4. Specialty Gases: Calibration gases, zero gases, carrier gases, span gases, instrumentation gases, and bump test gases for industrial and scientific applications.

Go-to-market motion2 records

Distribution channels6 records

Marketing channels4 records

Core offering

INOX Air Products manufactures and supplies industrial and medical gases including liquid oxygen, nitrogen, argon, helium, hydrogen, ultra-high purity gases, specialty gases, rare gases, and green hydrogen through cryogenic air separation. The company delivers these gases via on-site Build-Own-Operate plants at customer facilities, merchant bulk supply from standalone ASUs, packaged cylinders/microbulks, and specialty gas mixtures, supported by India's largest cryogenic distribution fleet.

Product overview

INOX Air Products is India's largest manufacturer of Industrial & Medical Gases, operating as a joint venture between Air Products & Chemicals and the INOX Group. The company offers a comprehensive portfolio of gases (oxygen, nitrogen, argon, helium, hydrogen, rare gases, specialty gases, and green hydrogen), equipment (air separation units, membrane systems, PSA purification), and services (on-site supply, merchant supply, packaged gases, emergency services). The product portfolio centers around cryogenic air separation technology producing liquid and gaseous industrial gases, with flexible supply modes including Build-Own-Operate (BOO) on-site arrangements, merchant bulk supply, and packaged gas distribution. Recent additions include ultra-high purity gases for semiconductor and solar manufacturing, and green hydrogen production for industrial decarbonization.

Differentiator

Problem solved

Functional benefit

Products and services

• Industrial Gases (Oxygen, Nitrogen, Argon) Core industrial gases (liquid and gaseous oxygen, nitrogen, argon) produced through cryogenic air separation, supplied to manufacturing industries, steel plants, and chemical processors in gaseous, liquid, and packaged forms.
• Medical Gases Liquid medical oxygen and medical-grade gases supplied to 800+ hospitals and healthcare facilities across India via dedicated distribution infrastructure and the company's cryogenic tanker fleet.
• Specialty Gases High purity specialty gas mixtures including calibration gases, zero gases, carrier gases, span gases, and instrumentation gases for technical, laboratory, and process applications.
• Green Hydrogen Carbon-free hydrogen produced via electrolysis using renewable solar energy for industrial applications including float glass manufacturing and decarbonization initiatives.
• Ultra-High Purity (UHP) Gases Ultra-pure gases including 6N grade (99.9999%) liquid oxygen, UHP nitrogen, and electronic-grade specialty gases for semiconductor and solar PV manufacturing, reducing India's reliance on imported high-purity gases.
• Helium Industrial helium supplied in compressed and liquid form for lifting, leak detection, shielding, and cooling applications across scientific, medical, and industrial uses.
• Hydrogen Hydrogen gas valued for reactive and protective properties, used in refining, chemical processing, metals production, and emerging hydrogen energy applications.
• Rare Gases (Neon, Krypton, Xenon) Rare gases used in technical applications including electronics industry, lighting, lasers, and medical anesthesia.
• Food Gases Gases for food processing applications including modified atmosphere packaging (MAP), cryogenic freezing, chilling, and carbonation in food and beverage industries.
• On-site Gas Supply (Build-Own-Operate) Build-Own-Operate model where INOXAP designs, builds, finances, and operates air separation units at customer sites supplying gaseous oxygen, nitrogen, and argon under 15-20 year take-or-pay contracts indexed to energy and inflation.
• Merchant Liquid Gas Supply Bulk liquid gas supply from standalone merchant production plants with capacity over 3,150 metric tons per day, serving diverse industrial customers under 3-5 year supply agreements.
• Packaged Gases Industrial and medical gases supplied in high-pressure cylinders, microbulks, and portacryos at key industrial zones across India, serving smaller-volume customers with mobility requirements.
• CryoEase Microbulk Solutions Microbulk delivery system providing convenient, reliable supply of cryogenic liquids without the handling overhead of cylinders, targeted at medium-scale gas users.
• APEX Temporary/Emergency Gas Services Temporary and emergency gas supply services for unplanned outages, capacity gaps, and peak demand events for industrial customers requiring uninterrupted operations.
• Syngas Solutions Synthesis gas production and supply solutions through gasification technology for high-value chemical products, supplied to chemical and refining customers.

Quantifiable outcome

• CO2 emission reduction of 25% and particulate emission reduction of 95% with LNG-fuelled cryogenic tankers
• +4 more outcomes

Named customers16 records

Segments7 records

Ideal customer profiles4 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature5 records

Partnerships

15 partnerships are on record, tiered strategic, minor and core.

• TACC Limited (HEG Group)strategicStrategic or Co-development Partner · 25 February 2026Long-term nitrogen supply agreement for TACC's lithium-ion battery anode materials production facility in Dewas, Madhya Pradesh. Supports India's EV battery and clean energy goals.
• ReNew PhotovoltaicsstrategicStrategic or Co-development Partner · 28 November 2025Long-term nitrogen supply contract for solar cell manufacturing facility in Dholera, Ahmedabad. Strategic investment in Dholera semiconductor hub.
• Grew EnergystrategicStrategic or Co-development Partner · 13 November 2025Long-term partnership for UHP nitrogen supply to 3 GW solar PV cell manufacturing plant at Narmadapuram, Madhya Pradesh. Significant investment in dedicated pipeline.
• Premier EnergiesstrategicStrategic or Co-development Partner · 31 October 202520-year on-site gas supply agreement for solar cell manufacturing facility in Andhra Pradesh. Includes installation of cryogenic ASU for high-purity gases. Four-year existing partnership.
• Serentica RenewablesminorStrategic or Co-development Partner · 5 May 2025Power Supply & Consumption Agreement for 75 MW of Hybrid Renewable Energy to support INOXAP's operations.
• Indian Institute of Science (IISc)strategicStrategic or Co-development Partner · 16 October 2024MoU for setting up INOX Quantum Materials Lab at IISc's Centre for Nano Science and Engineering. Partnership advances semiconductor and quantum technology research, developing topological semiconductors for fault-tolerant quantum computing.
• Asahi India Glass Limited (AIS)coreStrategic or Co-development Partner · 6 May 2024Industry-first 20-year green hydrogen offtake agreement for AIS's Chittorgarh float glass facility. India's first Green Hydrogen Plant for float glass industry - 190 TPA capacity powered by solar energy.
• First SolarcoreStrategic or Co-development Partner · 13 September 202320-year agreement for nitrogen supply to First Solar's Tamil Nadu solar module manufacturing facility. INOXAP's first on-site installation for solar industry with 2400 Nm3/hour cryogenic nitrogen generator.
• Tata SteelcoreStrategic or Co-development Partner · 12 May 2023First-ever collaboration with Tata Steel for long-term onsite contract. Setting up 2x1800 TPD ASUs at Meramandali plant in Odisha with Rs 1300 Cr investment - INOXAP's largest greenfield investment.
• IPICOL (Industrial Promotion & Investment Corporation of Odisha)minorImplementation/ SI/ Consulting Partner · 12 May 2023Nodal agency for INOXAP's 2x1800 TPD ASU project at Tata Steel's Meramandali facility. Odisha state government investment facilitation body.
• Sunsure EnergystrategicStrategic or Co-development Partner · 24 April 2023Commissioned 21.3 MWp Open Access captive solar power plant at Bangarmau in Unnao, Uttar Pradesh. Largest renewable energy investment by INOXAP. Generates 3.1 Cr units green power, offsets 28,000 tonnes CO2 annually.
• TP Saurya Bandita Limited (Tata Power Renewable Energy)strategicStrategic or Co-development Partner · 4 April 202340 MWp captive solar plant at Dhule, Maharashtra to power INOXAP's ASUs in the state. Partnership reduces INOXAP's carbon footprint by 48,000 tons annually.
• ArcelorMittal Nippon Steel India (AM/NS India)coreStrategic or Co-development Partner · 27 March 2023Partnership since 2005 with Essar Steel, continuing through AM/NS acquisition. 6th ASU at Hazira creating India's largest onsite industrial gas complex (11,100 TPD capacity).
• TP Solar Limited (Tata Group)strategicStrategic or Co-development Partner · 1 January 2023Long-term specialty gases contract for Tirunelveli facility supporting India's solar manufacturing ecosystem.
• Air Products & Chemicals Inc. (USA)coreStrategic or Co-development Partner · 1 January 1999Indo-American joint venture established in 1999 when Air Products acquired 50% equity stake in Industrial Oxygen Company. One of the longest Indo-American partnerships in manufacturing sector. JV channels all Air Products activities in India.

Scale indicators10 records

Recent moves7 records

Expansion highlights6 records

Direct peers

• Linde India: Direct competitor of INOX Air Products in India's industrial and medical gases market; Linde plc's India subsidiary supplies atmospheric, specialty and medical gases via on-site, merchant and packaged models across the same customer verticals (steel, healthcare, manufacturing).
• Air Liquide India: Subsidiary of global industrial gas major L'Air Liquide, operating in India with a comparable product portfolio (oxygen, nitrogen, argon, hydrogen, specialty gases) and serving overlapping steel, electronics, healthcare, and glass customers through on-site and merchant supply.
• Ellenbarrie Industrial Gases: Kolkata-based Indian industrial and medical gases manufacturer with a comparable product mix of atmospheric gases (oxygen, nitrogen, argon) and packaged gases across eastern and central India, competing head-to-head with INOXAP's packaged gas subsidiaries.
• Bhuruka Gases: Indian industrial and specialty gases player producing oxygen, nitrogen, argon and hydrogen, serving steel, chemical and healthcare customers; smaller scale but directly competing for mid-market merchant and packaged gas contracts.

Broad incumbents

• Air Water Inc. Japanese industrial gas major with global industrial gas, specialty gas, and on-site supply operations; comparable to INOXAP's parent ecosystem and a peer in UHP gas and semiconductor supply, though India presence is limited.
• Messer Group: Privately held global industrial gases company with operations across the Americas, Europe, and Asia, offering oxygen, nitrogen, hydrogen, helium, and specialty gases; serves comparable industrial customer segments though with limited India footprint.
• Iwatani Corporation: Japanese industrial gas major focused on hydrogen and LPG, with significant specialty gas operations and global presence; comparable in technology and specialty gases positioning, particularly around hydrogen energy transition.
• Linde plc: Global industrial gas leader (parent of Linde India) with world's largest industrial gas footprint including atmospheric gases, hydrogen, helium, and electronics gases; comparable as a global strategic peer shaping India's competitive dynamics.
• Air Products and Chemicals Inc. 50% parent of INOX Air Products and global industrial gas major with technology and equipment (ASU, PRISM, PSA) shared with the JV; comparable in product portfolio and customer verticals, and the most directly relevant global benchmark for INOXAP's economics and capabilities.

Regional players

• National Oxygen Limited: India-listed industrial gases company focused on atmospheric and dissolved acetylene gases with primarily southern India operations; smaller scale but directly competes for regional merchant and packaged gas customers.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks7 records

Key highlights7 records

Customer concentration

• Xx.com/inoxairproducts
• YouTubeyoutube.com/channel/UCZJp4
• LinkedInlinkedin.com/company/inox-air-products

Revenue estimate

Valuation estimate

Number of profiles

Profiles4 records

Subsidiaries6 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about INOX Air Products