So far, analysts have been positive about Inox Wind. “It’s about passion, focus and hard work,” he says. In retrospect, he feels that what helped him achieve this success was his decision to improve cost efficiency, have a lean team, constantly renegotiate the supply chain, and look at anything and everything which spells profitability. “Failing was never an option for me” he says. Not one to be bogged down by challenges, Devansh decided to ride out the storm. There were other teething problems, too, such as getting industry specialists to join the company, acquiring a massive land bank, getting the right technology, executing projects and building a brand in the market. Initially, the name ‘Inox’ worked against him because of its strong branding in the entertainment industry through its multiplex arm, Inox Leisure.“We had to convince them (investors) that we were a technology company with the infrastructure in the heavy duty wind power industry,” says Devansh. Infrastructure was dead, and wind is clearly a part of infrastructure,” he says. But from 2010-2013, there was policy paralysis in the country. One of the biggest challenges he faced was an unanticipated policy shift: In 2012, barely three years after Inox Wind was set up, the then Congress government withdrew key benefits, including a generation-based incentive.“Renewables is something that is driven by policy and political intent. “Some people may say, ‘You are born with a silver spoon, but it is very easy to lose it all in the third generation,” he says. “Inox Wind is set to become the most profitable company in the ($4 billion) Inox Group this fiscal,” he tells Forbes India.ĭevansh believes he cannot afford to fail because of the robust reputation that the Inox Group enjoys. He is confident of its continued success. A strong current order book of 1,200 megawatts (MW) and investor confidence place Inox Wind, and Devansh, in a sweet spot. And in five years, he steered the company onto the path of profitability-a rarity among local wind energy firms. With a corpus of Rs 40 crore borrowed from Gujarat Fluorochemicals Limited, he started Inox Wind in 2009, at a time when major players like Suzlon and Bharat Forge were stumbling.

But the Inox Group was looking to diversify, and given India’s energy deficit and the global thrust towards cleaner forms of energy, Devansh convinced his family of the power of wind. Neither his father nor his uncle Pavan (chairman and managing director of Inox Air Products) had prior experience in this sector. When he returned to India from the US in 2007, he shadowed his father Vivek (managing director, Gujarat Fluorochemicals Limited) for two years before deciding to enter the renewable energy sector. “We have a market cap of almost a billion-and-a-half dollars,” says Devansh, who, as director of his company, is the youngest family member to hold a position in the chemicals-to-multiplexes Inox Group. His company, Inox Wind, the renewable wind energy solutions provider, raised Rs 1,000 crore and was oversubscribed 18 times. In March 2015, the 28-year-old third-generation scion of Inox Group led one of the biggest initial public offerings (IPOs) that India has seen in the last two years.

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