| Ethanol Production | Production of ethanol from sugarcane juice, molasses and surplus grains with by-products like dry ice and liquid CO2. | Largest installed capacity in India, diversified feedstock base, strategic location in sugarcane belt, and regulatory approvals. | Oil Marketing Companies, industrial users; B2B focus with some B2C downstream exposure. | By-products sale (dry ice, CO2) and multi-feed ethanol production capabilities. | 1700 | 85 | Sales of ethanol and distillery by-products to fuel companies and industrial buyers. | Volume-based sales with government-regulated pricing and contracts. | Ethanol blending mandates, capacity expansions, and dual-feed technology enabling year-round production. | |
| Compressed Biogas (CBG) Production | Generation and supply of bio-CNG from press mud, spent wash and organic waste under government’s SATAT initiative. | Strategic partnerships, technology adoption, and integrated feedstock supply systems. | City Gas Distribution companies, municipal and industrial users; B2B segment mainly. | Efficient plant operations exceeding industry norms with by-product sales of organic manure. | 150 | 8 | Sale of compressed biogas to city gas distribution networks and organic fertilizers by-products. | Offtake agreements, government subsidies and incentives enhancing margins. | Government incentives, JV with Sumitomo and GAIL, excise exemptions and expanding CBG blending mandates. | |
| Sustainable Aviation Fuel (SAF) | Development and planned production of ethanol-based sustainable aviation fuel for Indian and global markets. | Early mover advantage, Honeywell UOP tech license and state government support. | Airlines, aviation fuel suppliers; B2B channel. | Premium margin fuel with higher value relative to conventional ethanol. | 0 | 0 | Future sales of SAF to airlines and aviation fuel distributors under emerging mandates. | Project-based revenue; viability gap funding and technology licensing agreements. | Emerging regulations, international collaborations, and government support for PM JI-VAN scheme. | |
| Retail Biofuel Network | Operation of biofuel retail outlets offering ethanol blends, bio-CNG, EV charging, and ancillary retail services. | OMC license, geographical reach in Karnataka and Maharashtra, integrated fuel sourcing. | Individual consumers, fleet operators; B2C channel primarily. | Direct consumer interface and margin capture along fuel value chain. | 50 | 2 | Retail fuel sales including ethanol blends and bio-CNG, generating stable retail cash flows. | Retail fuel pricing with margin capture from downstream sales. | Expansion of retail outlets, oil marketing company license and flex-fuel adoption potential. | |
