INOXGFL’s Renewable Ambitions Set To Eclipse Chemicals, Says Devansh Jain

Devansh Jain, Executive Director of INOXGFL Group, said the company’s clean energy vertical could soon outpace its chemical operations by more than double.

“Three or four years ago, we had two verticals—chemicals and renewables,” Jain said, reflecting on the group’s evolution. “The chemical arm was the larger part of the group, that was our starting point with Gujarat Fluorochemicals. But renewables were always the future—we were just waiting for the opportune time.”

That time, he believes, is now. “Today, the renewable pie and the chemical arm are virtually on par,” Jain noted. “As we move forward, the renewable side—INOX Wind, INOX Green, INOX Solar, INOX Neo, all under INOX Clean—will probably be 2 to 2.5 times the size of the chemical pie.”

Importantly, Jain emphasised that this growth isn’t coming at the cost of the chemical business. “We’re setting up the largest battery chemical complex outside of China,” he said. “But the scale of what we’re building in renewables is mammoth.”

On India’s national renewable energy targets, Jain expressed strong optimism. “If Modiji has set a target of 500 GW by 2030 or 2032, and we hit 450 or are a year late, some may say we’ve failed,” he said. “But earlier, the target used to be 10 GW in five years. Look at the sheer magnitude now.”

He added, “Putting China aside, India is probably the largest renewable country in the world. We believe wind will be a 6–10 GW market in the next two years, and solar will be a 30–40 GW market this year and next.”

Jain also stressed the importance of execution in this rapidly scaling sector. “You need to be strong in execution,” he said, underscoring the operational challenges that come with such growth.