Published On:June 22 2024
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IGL Plans Diversification into Solar Rooftop and Battery Recycling

Indraprastha Gas Limited (IGL), a major player in city gas distribution, is gearing up to diversify its operations into the rooftop solar segment and battery recycling, among other ventures, according to industry insiders familiar with the company's plans.

The strategic move aims not only to broaden IGL's revenue streams beyond its core businesses of city gas distribution and liquefied natural gas but also to align with its net-zero targets.

"IGL is looking to diversify beyond its traditional sectors. Solar rooftop installations and electric vehicle (EV) battery recycling are emerging as promising areas the company is exploring," revealed a senior industry official knowledgeable about the developments.

Sources indicate that IGL will present these expansion plans to its board of directors for approval in the near future. The company has engaged global management consulting firm AT Kearney, which has recommended these strategic initiatives among others.

IGL's board includes representatives from its parent companies, state-owned Gail India and Bharat Petroleum Corp (BPCL), each holding a 22.5% stake, with the remaining 55% owned by the public.

As of the time of reporting, IGL had not responded to requests for comments.

"With the rapid growth in the electric vehicle market, there is a significant increase in battery demand. Given that many rare earth metals are used in battery production, IGL sees recycling as a potentially lucrative opportunity, especially with few companies currently active in this field," added another senior industry executive.

The move signals IGL's proactive stance in embracing new sustainability-focused ventures amidst evolving market dynamics and environmental imperatives.

ET





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