From a visionary idea to a leading exporter in precision manufacturing, Innox Precision has charted an inspiring journey in the engineering sector. Founded in 2013 and commencing manufacturing in 2017, the company has grown into a 100% export-oriented unit, catering primarily to the United States (80%), with additional markets in Australia and Europe (20%). Specializing in castings, forgings, and bar stock machined components, Innox Precision has built a reputation for quality, reliability, and innovation.
Dhaval Vaghasia, the Managing Director of Innox Precision Engineering whose unconventional path into the manufacturing industry exemplifies resilience and ambition. A computer engineering graduate, Vaghasia’s passion for staying in his hometown, Rajkot—a city known for its industrial ecosystem—drove him to explore new avenues beyond software development.
His father, an executive engineer in the government’s irrigation department, provided him with eight years of financial support to establish himself in a business aligned with Rajkot’s industrial strengths. Recognizing the city’s prominence in investment castings and forging, Vaghasia launched a sourcing company in 2012, focusing on marketing, procurement, and domestic supply. This venture laid the groundwork for Innox Precision’s transformation from a sourcing entity to a full-fledged manufacturing powerhouse.
Starting with just INR 20,000 borrowed from his father, Mr Vaghasia registered his first business under the name AS Castec Enterprise, which later evolved into Innox Precision. The company began by outsourcing casting and machining processes before transitioning to in-house manufacturing in 2017. Today, Innox Precision is a key supplier of sand castings, investment castings, forgings, and bar stock machined items to various industrial sectors.
Diverse Product Offerings and Industry Expertise
Innox Precision operates in multiple verticals, providing engineered components for electrical transmission, automotive, valves, pumps, firefighting equipment, and general industrial applications. The company works with both ferrous and non-ferrous materials, ensuring a broad product range that meets the stringent demands of global clients. With an existing machine shop housing 22 high-end machines, including internationally renowned brands like Mazak, Makino, and Doosan, Innox Precision is committed to continuous technological upgrades. The company’s emphasis on advanced manufacturing equipment enhances efficiency, precision, and scalability, further strengthening its competitive edge in the global market.
Innox Precision’s dedication to quality and customer satisfaction has earned it collaborations with top-tier global companies. While some client details remain confidential due to competitive reasons, notable names include Ingersoll, Willow Pumps, Tenneco, and Hubbell Incorporated—industry leaders in automotive, electrical transmission, and industrial equipment manufacturing. The company’s success stems from its strategic approach to customer partnerships, ensuring tailored solutions that meet specific industrial needs. Its expertise in B2B manufacturing allows it to integrate seamlessly into the supply chains of Fortune 500 companies, further solidifying its market position.
The journey of Innox Precision has been a dynamic one, marked by challenges, learning experiences, and continuous growth. Mr Vaghasia describes the experience as a “360-degree roller coaster ride,” encompassing everything from rejection issues and financial constraints to quality improvements and supply chain optimizations. Each challenge has served as a stepping stone, reinforcing the company’s resilience and ability to adapt to an ever-evolving industry landscape. Despite starting as a sourcing company, Innox Precision has successfully transitioned into a high-end manufacturing entity. This transformation reflects not only Mr Vaghasia’s vision but also the dedication of the entire team in achieving engineering excellence.
The rise of Make in India, launched in 2014, has played a significant role in shaping the country’s industrial expansion. While Innox Precision has benefited from government initiatives such as loan subsidies, Mr Vaghasia emphasizes that Gujarat’s ease of doing business has been the most impactful factor in their growth. The region’s strong MSME ecosystem and supplier networks have facilitated industrial growth, making Gujarat a prime hub for global manufacturing.
In the last decade, Gujarat has emerged as a preferred destination for multinational corporations, establishing a strong supplier base that fuels India’s economic progress. The state’s industrial landscape continues to evolve, with SMEs like Innox Precision playing a pivotal role in driving innovation and exports. Looking ahead, Innox Precision has ambitious expansion plans. The company has already procured eight acres of land for a new foundry, reinforcing its commitment to in-house production and scalability. Future investments in cutting-edge machinery and automation will further elevate its manufacturing capabilities, ensuring sustained growth and competitiveness in global markets. As part of its industry engagement, Innox Precision is also exploring participation in exclusive manufacturing-focused initiatives, such as industry conferences and networking events. Collaborations with media houses and manufacturing communities will provide a platform to showcase India’s engineering expertise on a global stage.
From a computer engineering graduate with a vision to a successful entrepreneur in precision manufacturing, Mr Vaghasia’s journey is a testament to perseverance and strategic thinking. Innox Precision’s growth from a sourcing company to a globally recognized manufacturer underscores the strength of India’s industrial sector and its potential for further expansion.
With a strong foundation, cutting-edge technology, and a commitment to innovation, Innox Precision continues to push the boundaries of engineering excellence—positioning itself as a key player in India’s manufacturing ecosystem and a reliable partner for global industries. As the company advances towards new frontiers, it remains dedicated to upholding its values of quality, precision, and customer-centricity, ensuring a future of sustained growth and global recognition.
