Here comes "The Great Indian Ethanol Story" — where sugarcane turns to gold, and policy turns to profit.
Back in 2014, Nitin Gadkari, the ever-smiling, mustachioed “Highway Man of India,” took charge of India’s roads. But while he was busy cutting ribbons on expressways, he had another fuel in mind — ethanol. “Blend it with petrol, save the planet, empower farmers!” he thundered at every rally, sounding part eco-warrior, part salesman.
Fast forward to 2025. India is proudly pumping E20 fuel at 90,000 stations — five years ahead of schedule. The government celebrates cleaner air, lower oil imports, and richer farmers. On paper, it’s a win for everyone.
Except, maybe, the coincidence is too perfect.
Because while Gadkari the Minister pushed ethanol policy into the fast lane, Gadkari the family quietly built the car.
In Nagpur, the family’s old sugar-and-agro empire — the Purti Group — was long considered a fading relic. But from its ashes rose two familiar names: Manas Agro and CIAN Agro, both now driven by Gadkari’s sons. Nikhil Gadkari runs CIAN as its “visionary” MD. Brother Sarang runs Manas, now folded into CIAN.
What happened next could make even Dalal Street blush.
CIAN, once a sleepy agro-processor making soaps and spice oils, suddenly discovered ethanol. And not just discovered — dominated. Revenues shot from ₹17 crore in Q1 FY24 to ₹511 crore in Q1 FY26 — a 30x leap. Profits? Up 52,000 percent in a single quarter. Stock price? From ₹40 to ₹3,138 in 16 months. Market cap? Had touched a peak of ₹9,222 crore.
And this, in the exact years when Gadkari Sr. was lobbying for 20 percent blending.
Coincidence? Or a well-timed family tune-up?
Opposition parties are crying foul: “Conflict of interest! The Minister makes the policy; the sons make the profit.” Social media joined in with its usual sarcasm — one viral post mocked: “@nitin_gadkari, how do you sleep so peacefully when highways and ethics are both collapsing?”
Gadkari’s response was vintage denial: “No role of mine! CIAN contributes just 0.5 percent to ethanol output. Over 450 companies operate. Cabinet decides prices.”
Fair point — on paper. But critics aren’t buying it. They point out that CIAN’s sudden acquisition spree — snapping up molasses traders like Sec-One Sales and merging with Manas — neatly aligned with India’s ethanol push.
Meanwhile, consumers are stuck with pricier petrol that gives lower mileage, no option for unblended fuel, and cities choking on stubble that’s now turned into exhaust. But inside CIAN’s glass office, the Gadkari brothers are dreaming bigger — bio-CNG, green hydrogen, export opportunities.
Sure, farmers are earning more. But the family earnings? Astronomical.
No, the stock was not put under surveillance by exchanges for the sharp gains when it was rising for a year, no SEBI action yet, no inquiry either — just a steady rise in both stock charts and eyebrows. Optics, though, are awful. When a minister’s pet policy mints his sons into ethanol millionaires, the conflict doesn’t need proving — it just needs smelling.
In the end, India’s ethanol story isn’t just about cleaner fuel — it’s about how neatly business can blend with politics. The family that blends together, banks together.
Pass the sugarcane — the Gadkaris are already raising a toast. |
