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The company was established by the Jain family in the year 1963, as Industrial Oxygen Company Private Limited in Pune, India. In 1999, Air Products & Chemicals Inc., acquired a 50 percent equity stake in the company, and a new entity was incorporated; INOX Air Products.[7]
The company is headquartered in Mumbai and it operates 44 plants across the country for supplying medical and industrial gases.[8] During the COVID-19 pandemic, the company became one of the largest producers of medical oxygen by supplying it to hospitals across India.[9]
In West Bengal, INOX AP has the largest storage capacity of 1,000 tonnes and the pan-India distribution infrastructure. The company has been supplying medical Oxygen to hospitals in the state using its fleet of 54 specialized cryogenic tankers with a total trunking capacity of 380,000 liters of Oxygen.[10]
As of 2021, the company has a combined capacity to manufacture more than 3,300 tonnes per day (TPD) of liquid gases.[15] The future expansions will push total liquid gases production to 4,800 TPD by 2024.[16]
Belloxy was a joint venture between Linde plc and INOX Air Products. Later as per the directives given by Competition Commission of India, Linde had to divest its shareholding in the JV to address anti-competitive issues which arose due to its proposed merger with Praxair.[17][18] In 2020, Linde's board approve the sale of Belloxy and the latter became a 100% subsidiary of INOX AP.[17]
In 2022, an Appellate Authority for Advance Ruling of Tamil Nadu state ruled against the company and denied input tax credit under the Goods and Services Tax on leasehold rights acquired for the construction of air separation unit in the state.[23]
