In a major win for sustainable energy, India Glycols Limited (IGL) has secured a massive ₹1,164 crore order to supply ethanol under the Ethanol Blended Petrol Programme (EBP).
Over the next year, from November 2023 to October 2024, IGL will deliver a whopping 16.55 crore liters of ethanol, playing a crucial role in India’s clean energy push. Leading oil companies like BPCL, IOCL, and HPCL placed contracts worth ₹896 crore with IGL, while Reliance Industries and Nayara Energy contributed another ₹268 crore for 3.75 crore liters. This news sent IGL shares soaring 13%, reflecting the significance of the deal.
This isn’t just a financial win for IGL, it’s a giant leap for India’s EBP goals. Aiming for a 10% ethanol blend in petrol by 2023-24, the program seeks to reduce dependence on fossil fuels and embrace cleaner energy. IGL’s increased ethanol production boosts energy security, cuts greenhouse gas emissions, and supports farmers by creating demand for sugarcane crops.
Beyond the immediate numbers, this deal highlights the surging demand for ethanol in India, fueled by EBP and growing environmental awareness. This creates lucrative opportunities for other ethanol producers and investors in the renewable energy sector. Ultimately, the success of IGL and other players in meeting ethanol demand will be key to achieving India’s ambitious clean energy targets, paving the way for a greener future.