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Page not foundDevansh Jain, the humble and accomplished 28-year-old leader of Inox Group’s third generation, made a remarkable impact with his involvement in one of India’s most significant initial public offerings (IPOs) in March 2015. Inox Wind, the provider of renewable wind energy solutions, managed to raise an impressive Rs 1,000 crore, surpassing expectations with an oversubscription rate of 18 times. As the youngest family member to hold a position in the versatile Inox Group, Devansh proudly states, “Our market capitalization stands at a staggering billion-and-a-half dollars.”

Devansh Jain, the humble and accomplished 28-year-old leader of Inox Group’s third generation, made a remarkable impact with his involvement in one of India’s most significant initial public offerings (IPOs) in March 2015. Inox Wind, the provider of renewable wind energy solutions, managed to raise an impressive Rs 1,000 crore, surpassing expectations with an oversubscription rate of 18 times. As the youngest family member to hold a position in the versatile Inox Group, Devansh proudly states, “Our market capitalization stands at a staggering billion-and-a-half dollars.”

Upon his arrival back in India in 2007, he immersed himself in the world of his father Vivek, who held the position of managing director at Gujarat Fluorochemicals Limited, for a span of two years. It was during this time that he made the decision to venture into the realm of renewable energy. Surprisingly, neither his father nor his uncle Pavan, who was the chairman and managing director of Inox Air Products, possessed any prior experience in this particular field. However, the Inox Group had aspirations of diversification, and with India grappling with an energy deficit and the global inclination towards cleaner energy sources, Devansh successfully persuaded his family of the immense potential of wind power.

With a borrowed corpus of Rs 40 crore from Gujarat Fluorochemicals Limited, he embarked on the journey of establishing Inox Wind in 2009, defying the odds while industry giants like Suzlon and Bharat Forge were facing setbacks. Remarkably, within a span of five years, he skillfully guided the company towards profitability, a feat rarely achieved by local wind energy firms. Boasting a robust order book of 1,200 megawatts (MW) and instilling investor confidence, Inox Wind, along with its visionary leader Devansh, finds itself in an enviable position. Confidently, he envisions the company’s sustained triumph, boldly proclaiming, “Inox Wind is poised to emerge as the most lucrative entity within the ($4 billion) Inox Group this fiscal year,” as he shares with Forbes India.

Devansh firmly believes that he must strive for success, driven by the formidable prestige that surrounds the esteemed Inox Group. “While some may argue that I’ve been fortunate from birth, it’s crucial to recognize the precarious nature of maintaining wealth across multiple generations,” he asserts.

An unexpected change in policy proved to be a major hurdle for him: In 2012, just three years after Inox Wind was established, the government under the Congress party abruptly revoked significant advantages, which included a generation-based incentive. “Renewable energy is heavily influenced by political intent and policy decisions. However, between 2010 and 2013, the country experienced a state of policy paralysis. The infrastructure sector was stagnant, and it’s evident that wind energy falls under this category,” he emphasizes.

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At first, the moniker ‘Inox’ posed a challenge for him due to its powerful association with the entertainment field, specifically through its multiplex branch, Inox Leisure. “We had to persuade the investors that we were a technology enterprise with a robust infrastructure in the realm of heavy-duty wind power,” Devansh affirms.

Additionally, numerous challenges arose, including the recruitment of industry experts, procuring an extensive land portfolio, sourcing cutting-edge technology, effectively implementing projects, and establishing a prominent market presence.

Facing the storm, Devansh emerged unwavering in the face of challenges. “I have always rejected the idea of failure,” he proclaims.

Looking back, he reflects that the key to his triumph lay in his determination to enhance cost-effectiveness, maintain a streamlined team, consistently renegotiate the supply chain, and scrutinize every aspect that signifies profitability. “Passion, concentration, and relentless effort are paramount,” he affirms.

Inox Wind has garnered favorable reviews from analysts thus far. According to a 2015 report by Motilal Oswal, the company’s advantageous position in the wind market resurgence is attributed to its robust associations with independent power producers (IPPs) and global technology pioneers. Additionally, its strategically positioned manufacturing units and a readily available inventory of project sites have further contributed to its success.

Devansh’s enthusiasm for the future is palpable, fueled by the present government’s unwavering commitment to renewable energy. “Our ventures in Madhya Pradesh and Gujarat are thriving, with a handful of projects also taking shape in Andhra Pradesh and Rajasthan this year.” In addition to these endeavors, Inox Wind is ambitiously constructing an immense wind turbine complex in Madhya Pradesh. “This facility is set to become a behemoth in Asia, boasting unparalleled size and production capacity. Our goal is to sustain a remarkable growth rate of 15-20 percent annually,” he confidently asserts.

He’s already on the hunt for the next grand opportunity. “I believe Inox Wind has accomplished remarkable strength, with an unwavering management team. It’s practically operating on autopilot. Therefore, I am currently pondering the exciting possibilities that lie ahead, awaiting me to embark on a new venture,” he expresses.

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