Under the restructuring, the existing India Glycols will continue as the listed chemicals business, while the spirits and biopharma businesses will be housed under two separate entities — IGL Spirits Ltd and Ennature Bio Pharma Ltd.
The company said the demerger is aimed at removing the conglomerate discount and giving each business sharper management focus.
Three businesses under separate entities
India Glycols will house the chemicals business, including glycols and bio-glycols, new speciality products and industrial gases. The business reported revenue of ₹345 crore and Earnings Before Interest, Tax, Depreciation and Amortisation (EBITDA) of ₹40.2 crore in Q1FY27.IGL Spirits will comprise the IMFL, country liquor and biofuels businesses. It reported Q1FY27 revenue of ₹694 crore and EBITDA of ₹120 crore.
The third entity, Ennature Bio Pharma, will house the biopharma and biopolymers businesses. It reported revenue of ₹90 crore and EBITDA of ₹10 crore in the June quarter.
The key monitorables following the demerger will be the allocation of debt and assets across the three entities and the timeline for the proposed separate listings of IGL Spirits and Ennature Bio Pharma.
The restructuring is intended to allow investors to value the three businesses separately rather than as part of a diversified conglomerate structure.
Share entitlement
The record date for determining shareholders’ entitlement under the demerger is September 2.For every one India Glycols share held, shareholders will receive one share of IGL Spirits. For every three India Glycols shares held, shareholders will receive one share of Ennature Bio Pharma.
India Glycols will remain listed, while IGL Spirits and Ennature Bio Pharma will apply for separate listings on the BSE and NSE.
Shares of India Glycols were trading about 5% higher on the NSE at ₹236.20 on Wednesday. The stock has declined nearly 77% so far in 2026.
