About India Glycols Limited

India Glycols Limited (IGL), incorporated in 1983, is a bio-based chemicals and spirits company engaged in Bio-based Specialties and Performance Chemicals, Potable Spirits, Bio-fuels, and Ennature Biopharma, with manufacturing in Kashipur and Gorakhpur and sales across India and 49 countries as of March 31, 2025. IGL pioneered bio-based glycols in India and has expanded into glycol ethers, specialty chemicals, bio-polymers (guar derivatives), and industrial gases, alongside premium IMFL, branded country liquor, ENA, ethanol for the Ethanol Blending Programme, and plant-based APIs/nutraceuticals through Ennature Biopharma. 

As of March 31, 2025, IGL had six subsidiaries and one joint venture: IGL Finance Ltd., IGL Chemicals and Services Pvt. Ltd., Ennature Bio Pharma Ltd., IGL Spirits Ltd., IGL Chem International Pte. Ltd. (Singapore), IGL Chem International USA LLC, and JV Clariant IGL Specialty Chemicals Pvt. Ltd. (49%). On December 2, 2024, Kashipur Holdings Ltd. became IGL’s holding company with 50.35% ownership after a Composite Scheme among promoter entities; KHL is an RBI-registered NBFC. On February 4, 2025, the Board approved a Composite Scheme involving (i) amalgamation of KHL into IGL and (ii) demerger of the Bio-Pharma undertaking into Ennature Bio Pharma Ltd. and Spirits and Biofuel into IGL Spirits Ltd.; on May 16, 2025, the Board decided to proceed exclusively with the demerger components, subject to approvals. 

Key milestones include commissioning grain-based distilleries at Kashipur and Gorakhpur, scaling bio-fuel allocations, expanding specialty chemical capacity to 7,500 MTPA, and achieving leadership in country liquor and thiocolchicoside API niches.

India Glycols Limited Business Segment

• Segment mix FY 2024–25 (gross revenue Rs 9,038 crore): Potable Spirits Rs 6,434 crore (71.19%), BSPC Rs 1,341 crore (14.84%), Bio-fuel Rs 1,044 crore (11.55%), Ennature Biopharma Rs 219 crore (2.42%) .

• Geographic mix FY 2024–25: Domestic Rs 8,49,702.45 lakh; Overseas Rs 54,079.23 lakh (exports 5.98% of turnover) .

Domestic vs. international (FY 2024–25)

• India — Rs 8,497.02 crore (94.0%) .

• International — Rs 540.79 crore (6.0%) .

• USA within international — Rs 13.11 crore (share within exports disclosed, value shown; percentage of exports not explicitly stated) .

India Glycols Limited Key Management

• U.S. Bhartia — Chairman and Managing Director .

• Pragya Bhartia Barwale — Executive Director .

• Alok Singhal — Executive Director .

• Rupark Sarswat — Chief Executive Officer .

• Anand Singhal — Chief Financial Officer .

• Ankur Jain — Company Secretary .

• Independent Directors appointed October 1, 2024: Sushil Dutt Salwan; Samrat Banerjee; re-appointment of Shukla Wassan effective April 1, 2025 .

Latest Updates on India Glycols Limited

• Holding company change: Kashipur Holdings Ltd. became a holding company with 50.35% w.e.f. December 2, 2024, post Composite Scheme among promoter entities .

• Scheme of Arrangement: Board approved Composite Scheme on February 4, 2025; on May 16, 2025, decided to proceed only with demerger of (i) Bio-Pharma into Ennature Bio Pharma Ltd. and (ii) Spirits and Biofuel into IGL Spirits Ltd., subject to NCLT and other approvals .

• Specialty chemicals: Capacity enhanced to 7,500 MTPA; orders bagged from oil and gas majors; FY 2024–25 sales Rs 40 crore .

• Bio-fuels: New segment from Q1 FY25; ESY 2024–25 allocation increased to 19.82 crore litres (Rs 1,387.40 crore est. value); FY 2024–25 Power Alcohol revenue Rs 1,043 crore; capacities scaled to 590 KLPD (Kashipur) and 310 KLPD (Gorakhpur, combined with grain distillery) .

• Potable spirits: Gross sales value Rs 6,306 crore vs. Rs 5,558 crore; partnerships with Bacardi and Amrut Distilleries; awards for Amazing Vodka; expansion in CSD/para-military .

• Ennature Biopharma: Sales Rs 217 crore (+7%); CLP verification for Maxicuma and Xanthogreen; added branded specialty nutraceutical ingredients; continued global leadership in thiocolchicoside .

• Credit rating: CARE kept ratings unchanged but on RWD due to restructuring actions .