The Inox Group will split between brothers Pavan and Vivek Jain in an "amicable family settlement" for the century-old business, multiple news reports said on Wednesday.
Pavan Jain gets Inox Leisure, India's second-largest multiplex company, and Inox Air Products. Vivek, his younger sibling, gets speciality chemicals and green energy businesses Gujarat Fluorochemicals, Inox Wind, and Inox Wind Energy, said the 'Economic Times'.
Devendra Jain, their father and the group’s patriarch, recently signed a family accord over running the businesses.
Devansh Jain, group executive director and son of Vivek Jain, told the newspaper the settlement was amicable. "We have started a new growth journey and are in the process of launching a group logo under Inox GFL,” he said.
The Pavan Jain family will hold a 30 per cent stake each in Inox Leisure and Inox Air Products through its holding company. Inox Air, an industrial and medical gases manufacturer, makes medical oxygen.
The Vivek Jain family will control and hold 66 per cent in Gujarat Fluorochemicals, 67 per cent in Inox Wind, and 69 per cent in Inox Wind Energy. They will also continue to hold around a 3 per cent stake in Inox Leisure through its holding company as an investment, said the Economic Times.
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