India Glycols Limited (IGL), a prominent player in the chemical and industrial sector, has announced the incorporation of IGL Spirits Limited as its wholly-owned subsidiary. The certificate of incorporation was issued by the Ministry of Corporate Affairs on November 25, 2024, and received by the company on November 26, 2024.
IGL Spirits Limited is set to operate in the spirits and related products industry. Although the company has not commenced operations yet, it is expected to engage in the production and sale of spirits, a business complementary to India Glycols’ core operations.
As part of the incorporation, IGL will subscribe to 10,000 equity shares of IGL Spirits, at a face value of ₹10 each, for a total amount of ₹1,00,000. The new subsidiary will initially be capitalized with a paid-up capital of ₹1,00,000 and an authorized capital of ₹5,00,000.
This strategic move aims to expand India Glycols’ footprint in the spirits market, which marks a diversification of its business. The company confirmed that this acquisition does not require any government or regulatory approvals and is not a related-party transaction, even though, upon share allotment, the subsidiary will be a related party.
The incorporation is in line with IGL’s strategy to broaden its portfolio and expand its presence within India’s rapidly growing spirits industry. The company is not expecting immediate turnover as the subsidiary is still in its infancy stage.
