INOX India Ltd.

We are a prominent manufacturer of cryogenic equipment and were one of the leading cryogenic tank manufacturers in the world by revenue in 2021. (Source: CRISIL Report, November 2022). We have over 30 years of experience offering solutions across design, engineering, manufacturing, and installation of equipment and systems for cryogenic conditions. Our offering includes standard cryogenic tanks and equipment, beverage kegs, bespoke technology, equipment, and solutions as well as large turnkey projects which are used in diverse industries such as industrial gases, liquified natural gas (“LNG”), green hydrogen, energy, steel, medical and healthcare, chemicals and fertilizers, aviation and aerospace, pharmaceuticals and construction. In addition, we manufacture a range of cryogenic equipment utilized in global scientific research projects. We also were the largest exporter of cryogenic tanks from India in terms of revenue in Fiscal 2022. (Source: CRISIL Report, November 2022).

The demand for cryogenic equipment across geographies is expected to be driven by the increased demand for cleaner fuels such as LNG and hydrogen due to the global focus on reducing carbon emissions from conventional energy sources. (Source: CRISIL Report, November 2022). We are well-positioned to capture this global market growth with our in-house technology as well as our LNG product range which includes the entire value chain. In hydrogen, our engineering teams are developing products and systems in complex industry environments like hydrogen storage, transportation, and distribution to address the need for large-scale movements of liquid hydrogen. For example, we were the first Indian company to manufacture a trailer-mounted hydrogen transport tank, which was designed jointly with the Indian Space Research Organisation (“ISRO”). (Source: CRISIL Report, November 2022). We produced and shipped a 238kl liquid hydrogen storage tank for the first liquid hydrogen plant in South Korea. We also have recently produced & shipped four 311kl liquid hydrogen storage tanks for another customer in South Korea for the construction of three liquid hydrogen plants.