Refex Industries Growth Story: Diversification, Innovation & Market Expansion”
Refex Industries Limited is a diversified industrial company headquartered in Chennai, India, with a significant presence across sectors including refrigerant gases, coal and ash management, power trading, renewable energy and clean mobility solutions. Founded in 2002, the company has evolved from a refrigerant gas specialist into a multi-industry enterprise that addresses both traditional industrial demands and emerging sustainability trends.
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History and development
The journey of Refex Industries began in 2002 as Refex Refrigerants Pvt. Ltd., focused on manufacturing and refilling eco-friendly refrigerant gases. Over the years, the company has established itself as a leading player in India's cooling solutions market, especially with eco-friendly alternatives to harmful chlorofluorocarbons (CFCs) and hydrochlorofluorocarbons (HCFCs).
By 2006, the company converted into a public limited company, later listed on the Bombay Stock Exchange (BSE), and expanded its product line to meet the demands of the national industry. In 2012, the company was renamed Refex Industries Ltd., reflecting a broader industrial focus beyond refrigerants.
Over time, Refex diversified into several strategic sectors such as ash and coal management, power trading, renewable energy (including solar and wind), and green mobility, and built a portfolio tailored to India's industrial and environmental priorities.
Main Business Segment
1. Refrigerant gases
One of the fundamental business units of Refex is the production and distribution of environmentally friendly refrigerant gases used in HVAC (heating, ventilation and air conditioning) systems, industrial refrigeration, aerosol propellants.and foaming agents. These refrigerants are designed to replace older, ozone-depleting chemicals – in line with global environmental protocols on refrigerants.
Refex's refrigerant offerings include a wide range of products such as R32, R134A, R404A, R407C and others, all manufactured with strict quality control and distributed through an extensive logistics network to ensure timely service.
2. Ash and coal management
It has become one of the largest organized players in coal and ash management services in India. The company provides integrated solutions for thermal power plants, including sourcing, logistics, storage, handling and disposal of coal and fly ash – a by-product of coal combustion.
Ash management is particularly important in India, where strict environmental regulations require power plants to dispose of ash responsibly and minimize ecological impact. Refex not only manages the ash, but also seeks sustainable repurposing solutions that support infrastructure development such as road construction and land reclamation.
With thousands of metric tonnes of ash and coal being handled per day across multiple states, this segment has grown rapidly.
3. Power Trading
It holds a Category-I license for electricity trading, which allows it to actively participate in India's electricity market. Through this segment, the company deals with both conventional and renewable energy sources, offering solutions for power exchange, bilateral contracts and banking arrangements between power producers, distribution companies and various energy consumers.
Power trading enhances grid efficiency and allows stakeholders to balance surplus and deficit power, a key requirement in India's rapidly evolving energy infrastructure.
4. Renewable energy and green mobility
It is focus on sustainability is further demonstrated through its renewable energy ventures and green mobility initiatives. These include:
Solar and wind energy projects: To expand India's clean energy potential and reduce dependence on fossil fuels.
Energy Corporation
Refex Green Mobility Limited: Offers electric vehicle (EV) solutions for corporate and institutional transportation needs. It aims to support clean urban mobility using EV fleets equipped with advanced technology platforms.
For example, the company's wind energy arm, VinWind Refex, focuses on manufacturing wind turbines and driving the adoption of wind energy across the country.
This diverse approach places the company at the core of India's energy transition and sustainability agenda.
Strategic vision and mission
It is emphasizes sustainability, innovation and long-term value creation. Its stated mission is to empower customers, support communities and deliver responsible growth for stakeholders by integrating eco-friendly practices and technological innovation across business units.
Challenges and recent developments
Despite its achievements, Refex Industries has faced challenges. In late 2025, the company and its associated entities were subject to tax investigation by the Indian Income Tax Department, alleging significant tax evasion and suspicious financial transactions involving fraudulent purchases and unexplained investments. Refex said it would cooperate with authorities during the investigation process.
Such developments highlight the importance of strong corporate governance and transparent financial practices, especially for growing conglomerates operating across different sectors.
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Corporate Social Responsibility and Sustainability
Sustainability is central to Refex's operations, particularly given its role in handling industrial byproducts and reducing environmental harm. The company has focused on recycling and reusing industrial waste, promoting renewable energy adoption and investing in green mobility, aligning with global and national environmental goals.
Refex's integrated sustainability efforts also extend to community engagement and responsible business practices, which are increasingly important in today's socially conscious marketplace.
