Disclosed herein is a dispersing agent composition essentially comprising polyalkylene polyhydric compound, an organic acid and a non-ionic surfactant. The dispersing composition finds application in leather processing industry for tanning without adding any water or any other medium. It finds tremendous application potential in the tanning industry to ensure eco-benign leather processing that does not add to environmental pollution as no effluent is generated. The invention is therefore envisaged to play a crucial role in enhancing the economic and environmental benefits associated with tanning industry. The disclosure also relates to a process for preparing the composition and also the process of eco-benign tanning using the said composition.