The Journey of Punjab Carbonic: From a Single Plant to a Nationwide CO2 Network.

Introduction

Punjab Carbonic is an Indian player in integrated carbon capture and utilisation and industrial gas solutions company engaged in the manufacture, recovery, supply and distribution of liquid carbon dioxide (“CO₂”) and dry ice, including the design and execution of CO₂ recovery and refining infrastructure.

With an annual installed capacity of 259,200 metric tonne as of March 31, 2025, we cater to a wide range of industries, including food and beverages (“F&B”), automobiles, chemicals and fertilizers, healthcare & pharma and aviation, their growth has been shaped over decades through structured expansion, technology adoption, and diversification into both asset-heavy and asset-light models.

The Foundation Years (1992–2000): Building the Base

Punjab Carbonic’s journey began with a clear focus on entering and establishing itself in the industrial gas space.

• 1992: Incorporated as Punjab Carbonic Limited (previously Punjab Carbonic Private Limited) with a vision for growth and expansion.
• 1993: Commenced operations in the trading of packaged CO₂.
• 1994: Installed its first CO₂ recovery and manufacturing plant, marking its entry into production and supply.

This phase laid the groundwork for future scale by establishing manufacturing capabilities and operational presence.

Expansion & Quality Focus (2001–2006): Strengthening Capabilities

The early 2000s marked Punjab Carbonic’s shift toward geographic expansion and quality enhancement.

• 2001: Expanded beyond Punjab into Kota (Rajasthan). Invested in gas chromatographs and established quality control laboratories in Bathinda.
• 2004: Commissioned its third plant at Nangal, strengthening production capacity in North India.

This period reflects a growing emphasis on quality systems alongside expansion

Pan-India Growth (2007–2010): Strategic Shift in Production

Punjab Carbonic began evolving its production approach and expanding its footprint across India.

• 2007–08: Adopted distillery-based fermentation for CO₂ recovery and established fermentation-based CRUs in Indore, marking a shift toward recovery-based production.
• 2010: Expanded presence across Gujarat, Maharashtra, Chhattisgarh, Goa, and Karnataka while strengthening organisational capabilities.

The company transitioned from a regional player to a wider national presence during this phase.

Engineering & Scale (2011–2015): Building Execution Strength

This phase marked Punjab Carbonic’s entry into turnkey engineering and project execution.

• 2011: Developed turnkey project execution capabilities and undertook its first turnkey CRU project in Andhra Pradesh.
• 2012: Expanded turnkey installations, including a plant in Karimnagar, Telangana.
• 2013: Further installations in Bilaspur and Chhattisgarh.
• 2014: Additional installations in Dera Bassi, Punjab.

The company strengthened its engineering and execution capabilities, adding a new dimension to its operations.

New Models & Markets (2016–2020): Diversification and Exports

Punjab Carbonic diversified both its business models and geographic reach.

• 2016–2019: Expanded its food-grade CO₂ portfolio under operations & maintenance (O&M) and asset-light structures.
• 2017: Commenced export of liquid CO₂ to Sri Lanka.

This phase reflects a move toward flexible business models and international trade.

2021–Present: Expanding Global Turnkey Capabilities

The most recent phase focuses on international presence and diversification into new sectors.

• 2022: Entered the ethanol manufacturing sector through its subsidiary, Pancarbo Greenfuels Private Limited (PGPL).
• Established international presence with a CO₂ Recovery Unit (CRU) in Zambia.
• Entered into a 10-year ethanol off-take arrangement for PGPL’s operations with public-sector oil marketing companies (OMCs).

This marks a step toward expanding capabilities beyond CO₂ into adjacent sectors and strengthening global operations.

Conclusion: A Journey of Structured Growth

Overall, Punjab Carbonic's diversified end-use exposure, long-standing customer relationships, and long-term offtake and supply arrangements underscore the resilience and scalability of their business model. As they continue to expand their CO₂ recovery footprint, ethanol infrastructure and international turnkey offerings, they believe their customer base and operating track record will remain key drivers of demand and long-term value creation