India’s waste-to-energy major SAEL to issue IPO within a year

Agriculture waste to energy conglomerate SAEL is preparing to go public within the next 12 months. Laxit Awla, Chief Executive Officer (CEO) of SAEL has confirmed that the firm is currently in the process of appointing merchant bankers to handle its debut public offering.

As per reports, the SAEL CEO held that the funds raised through the IPO will be used to accelerate the company’s growth, with a strong emphasis on expanding its cell manufacturing capacity, enhancing its Independent Power Producer (IPP) portfolio, and scaling up its waste-to-energy initiatives.

Awla noted that SAEL holds a unique position globally as the only biomass energy operator solely powered by paddy straw. It is also the largest industrial consumer of paddy straw in the world.

Currently SAEL operates 11 biomass based power plants across the states of Punjab, Haryana, and Rajasthan, with a combined installed capacity of 165 MW. These facilities process approximately 2 million tonnes of agricultural waste each year.

By converting this biomass into clean, dependable energy, SAEL says that it not only addresses the pressing issue of air pollution but also contributes to improved public health and creates sustainable income opportunities for thousands of farmers and rural communities.

Last year, the SAEL Group has issued US dollar-denominated bonds in the international markets. The $305 million green bond issue marked the company’s first foray into international capital markets. This provided SAEL access to a substantial alternative liquidity pool, complementing the funds available through domestic Indian lenders.

SAEL aims to expand its portfolio to 5 GW within the next two years including the solar capacity.

US International Development Finance Corporation (DFC), Norway government-owned Norfund, Asian Development Bank and Tata Cleantech Capital provided $1 billion in funding to  SAEL Industries in 2024.