IGL to diversify into solar rooftop, battery recycling – ET Auto

baua

IGL to diversify into solar rooftop, battery recycling – ET Auto


The move will not only help the company diversify its revenue stream beyond the core businesses of city gas distribution but also help it achieve net-zero targets.

City gas distribution major Indraprastha Gas (IGL) will expand operations in the rooftop solar segment and battery recycling among others, said two industry executives aware of the development.

The move will not only help the company diversify its revenue stream beyond the core businesses of city gas distribution but also help it achieve net-zero targets.

IGL wants to diversify beyond its core businesses of city gas distribution and liquefied natural gas. EV battery recycling and solar rooftop are promising segments that the company may look at entering,” said a senior industry official aware of the development.

The company will shortly take this proposal to its board of directors for approval, said sources.

IGL has hired global management consulting firm AT Kearney, which has made these suggestions, among others.

IGL’s board includes members from state-run Gail India and Bharat Petroleum Corp (BPCL). Gail and BPCL, IGL’s parents, each hold 22.5% stake in IGL while the remaining 55% is held by the public.

IGL did not respond to an email query till press time.

“With the exponential growth being witnessed in the electric vehicle market, demand for batteries has risen significantly. Many rare earth metals go into battery manufacturing, so IGL thinks recycling them could be a lucrative option, especially when not many companies are doing it,” said another senior industry executive.

  • Published On Jun 21, 2024 at 09:11 AM IST

Join the community of 2M+ industry professionals

Subscribe to our newsletter to get latest insights & analysis.

Download ETAuto App

  • Get Realtime updates
  • Save your favourite articles


Scan to download App


Chevy’s more affordable Silverado EV LT revealed for the first time in new images

A more affordable electric Chevy Silverado is on its way. Chevy’s Silverado EV LT has…

Podcast: Tesla optimizing FSD routes, Model 3 Long Range RWD, Ford Capri, and more

On the Electrek Podcast, we discuss the most popular news in the world of sustainable transport…

Exclusive 0 off discount on ENGWE Engine Pro e-bike, EcoFlow 24-hour flash sale, rare Anker EverFrost 40 discount, more

After a few slower days, we’re starting to see an influx of Green Deals ahead…