The present invention is related to use of heterogeneous catalyst comprising monovalent metal and divalent metal prepared by combustion synthesis wherein said catalyst composition having particle size in the range of lnm to 100 nm. Such nano sized catalyst composition is useful in many solid catalyzed reactions. In one of the processes wherein compounds derived from 4-(alkyl or aryl)-oxy l,3-dioxolane-2-one with general formula 1 is manufactured by using combustion synthesized catalyst composition to achieve complete conversion of 3-(alkyl or aryl)-oxy-l,2-alkanediols with good selectivity. Catalyst composition is easily separable, regenerable and reusable in 4-(alkyl/aryl)-oxy 1, 3-dioxolane-2-one manufacturing process. Wherein, Rl represents an alkyl group, substituted alkyl group, substitute or unsubstituted phenyl group, substituted or unsubstituted napthyl group, substituted unsubstituted benzyl group, substituted or unsubstituted cycloalkyl group
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