Mumbai: This Celluloid Chemical-Celluloid inox group has divided its business into two, with Chairperson of Pavan Jain to get the Gas & Multiplex Industry Unit, and the younger brother Vivek inherited specialty chemicals & renewable energy portfolios.
Both factions have been approved ownership of ownership in the business provided to them so that each portfolio control flows to them.
INOX was founded by Grandpa Duo.
Recently, their father Devendra Jain, 92, Patriarch, signed a family agreement after a fight between the two brothers who did business.
The external advisor is close to the family, including Khait & Co law firm and Dhruva Advisors tax consultant, assisted in the implementation of the completion deed.
The Family Settlement Agreement that reads when Flagship Gujarat Fluorochemicals (GFL) shares float at RS 900 each at BSE, said the source.
The business group, which began as a paper trading company and a newspaper that continued to become the largest producer of liquid medical oxygen in the country during a covid pandemic, had the fourth generation of families involved in operation.
“We have started a new growth journey and are in the process of launching the group logo under INOX GFL,” said the Director of Inox and Putra Vivek, Devansh Jain.
Vivek, based in New Delhi, has inherited three companies registered in public – Gujarat fluoroMimia, wind inox and wind energy inox – and green units held closely, green energy.
Brother Brother Pavan, based in Mumbai, has obtained two clothes held tightly – Inox air products and INOX India – and the recreation of INOX registered in public, the second largest multiplex player in the country.
His son Siddharth Jain (also brother-in-law of the company Zee Entertainment MD Punit Goenka) oversee three businesses.
The faction business will be grouped under INOX, which obtains the name of the combination of ‘industrial oxygen’.
Siddharth did not comment on the report.
Devansh said, “Returns are based on assessments related to several factors, including current financial metrics and future prospects throughout the business.” After completion, there continued small ownership by two factions in their respective companies, such as Pavan had less than 1% in the Gujarat fluorokimia, while Vivek had around 3% in spare time.
Vivek was also in the Leisure Inox Council, which was originally promoted by Gujarat Fluorochemicals.