Greenhitech Ventures is a small but deliberately assembled Indian enterprise that trades in petroleum-based fuels and runs ethanol plants for the government - and has recently bolted on a tire-recycling factory and an engineering consultancy through share-swap acquisitions. It began in 2011 as a partnership called Greentech Hydrocarbons, converted to a public company in October 2023, and listed on the BSE SME platform in April 2024. The recurring approach is to win contracts through relationships and tenders, operate assets it does not always own, and then use the public-company currency to acquire adjacent businesses from its own promoters. # Business segments Three engines at different stages - a petroleum-trading cash generator, an O&M services business that runs government distilleries for a fee, and a recently acquired tire-recycling subsidiary just starting commercial production - each feeding a fourth, an engineering consultancy that helps win the O&M contracts. ## 1. Petroleum-based products trading: the fuel-supply engine **The company buys and sells liquid fuels and industrial petroleum products - it owns no manufacturing plant, so its business is sourcing, logistics and customer relationships.** - **Pure trader, no factory** - Greenhitech does not own any manufacturing unit for these products; it buys from suppliers and sells to industrial consumers, earning its margin on the spread and service. - **A portfolio of industrial fuels** - the product range spans biofuels, bitumen (used in road construction), light density oils and furnace oils, each supplied to different industries based on what their operations require. - **Working capital is the enabler** - the company has a sanctioned working-capital limit from State Bank of India, secured against its inventory and money owed by customers, which funds the cycle of buying product before selling it on. - **Relationships are the only moat** - management points to cordial supplier and customer ties, timely order fulfilment and marketing skills as its strengths, because there are no entry barriers to stop competitors from doing the same thing. ## 2. O&M job work for ethanol manufacturing: the fee-for-service distillery operator **Greenhitech runs government-owned ethanol distilleries under contract - it manages the entire production process, hands over the finished ethanol, and gets paid for the service without ever owning the plant or the product.** - **Bids for government tenders** - the company competes for operation-and-maintenance contracts from government-owned distilleries, which is how it secures the right to run a facility. - **Operates, does not own** - under the job-work model, Greenhitech manages the complete ethanol manufacturing process at the government’s plant and transfers the finished product to the distillery; it does not buy raw materials or sell the ethanol itself. - **Revenue follows the work done** - income from job-work services is recognised as the services are rendered and costs are incurred, in line with the contract terms, rather than on delivery of ethanol. - **A flagship contract won through the subsidiary** - the subsidiary Tritech Industrial Solutions won the O&M contract to operate the world’s first bamboo-to-ethanol plant at Numaligarh Refinery, a facility inaugurated by the Prime Minister of India, and successfully produced and dispatched the first batch of ethanol from bamboo. ## 3. Carbon and tire recycling: the green subsidiary just starting up **Through its wholly owned subsidiary Greenkashi Bio Energy, the company runs a tire-recycling plant that turns scrap tires into fuel oil, recovered steel and carbon black - a business acquired from its promoters and only recently begun commercial production.** - **Acquired via share swap from promoters** - Greenhitech acquired 100% of Greenkashi Bio Energy on 30 April 2025 by issuing roughly 71.4 lakh of its own shares (valued at Rs 105 each) to the promoters who owned it, making it a related-party but arm’s-length transaction. - **Three outputs from one waste stream** - the recycling facility manufactures tire-derived fuel oil, recovers steel, and produces recovered carbon black, a material used in rubber and plastics. - **Technology from a Canadian partner** - the plant uses advanced equipment sourced from Klean Industries Inc. of Canada, the company’s global technology partner for this business. - **Commercial production only just began** - the subsidiary commenced commercial production at its facility in September 2025, meaning the business is at the very start of its revenue-generating life under Greenhitech’s ownership. # Tritech Industrial Solutions: the engineering backbone that feeds the O&M engine **This 76%-owned subsidiary provides project consultancy, engineering and fabrication services for ethanol, distillery and agro-industrial projects - it is the technical capability that helps the group win and execute O&M contracts like the bamboo-to-ethanol plant.** - **Acquired alongside the recycling business** - Greenhitech acquired 76% of Tritech on the same day as Greenkashi, also via a share swap, issuing about 2.7 lakh shares at Rs 105 each. - **Consultancy across the project lifecycle** - Tritech’s scope covers project management consultancy, engineering, industrial consultancy, fabrication, advisory services, operation and maintenance, and quality inspection for sectors including agro, food, chemicals, distillery, ethanol and power. - **The bamboo-to-ethanol credential** - Tritech participated in the world’s first bamboo-to-ethanol plant at Numaligarh Refinery, won the O&M contract to operate it, and successfully produced ethanol from bamboo to the required specifications. # Group structure and partners **A listed SME with a small core team, two freshly acquired subsidiaries, and a promoter group that sits at the centre of most transactions - the structure is lean, recently reshaped, and reliant on related-party deals.** - **No subsidiaries at year-end, then two within a month** - as of 31 March 2025 the company reported no subsidiaries, but on 30 April 2025 it acquired 76% of Tritech Industrial Solutions and 100% of Greenkashi Bio Energy, both from its promoter group, and sought shareholder approval for related-party transactions with them going forward. - **A 37-person operation** - as of March 2025, the company had 37 permanent employees on its rolls, reflecting the asset-light, trading-and-services nature of the business. - **Key leadership** - the management team is led by Naved Iqbal (Chairman and Managing Director) and Mohammad Nadeem (Whole-Time Director and CFO), supported by a company secretary and three board committees covering audit, nomination and remuneration, and stakeholder relationships. - **Banking and professional support** - State Bank of India is the company’s banker, while statutory audit is handled by Goel Vinay & Associates and secretarial audit by Nikunj Kanabar & Associates. - **Global technology partner** - Klean Industries Inc. of Canada supplied the advanced technology and equipment for the tire-recycling facility at Greenkashi Bio Energy.