A less studied strain Aureobasidium mausonii NCIM 1226 was used for pullulan production employing cane molasses as growth medium. The maximum yield of pullulan (70 g l-1) was obtained with 10% molasses in absence of nitrogen source after 120 h of fermentation. Molasses supported growth of Aureobasidium mausonii and also showed adequate pullulan production as compared to other media. Molasses is a rich feedstock along with adequate micronutrients and available in plenty in India. Pullulan produced by Aureobasidium mausonii was compared with standard pullulan by I.R. Spectroscopy. The results indicated that molasses can be an expedient medium for production of pullulan.