Indraprastha Gas (IGL), a major player in city gas distribution, is set to expand into the rooftop solar and battery recycling sectors. Two industry executives familiar with the plan revealed this new direction.
This move aims to diversify IGL’s revenue beyond city gas distribution and liquefied natural gas, and also help the company achieve its net-zero targets.
“IGL wants to branch out from its core businesses of city gas distribution and liquefied natural gas. Recycling EV batteries and installing rooftop solar panels are promising areas they are considering,” said a senior industry official.
The proposal will soon be presented to IGL’s board of directors for approval, according to sources.
IGL has engaged global management consulting firm AT Kearney, which recommended these new ventures among other suggestions.
IGL’s board includes members from state-run Gail India and Bharat Petroleum Corp (BPCL). Gail and BPCL, IGL’s parent companies, each own 22.5% of IGL, with the remaining 55% held by the public. IGL did not respond to an email query before press time.
“With the rapid growth of the electric vehicle market, the demand for batteries has soared. Many rare earth metals are used in battery manufacturing, so IGL sees recycling as a lucrative opportunity, especially since few companies are doing it,” said another senior industry executive.
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