Enzymatic esterification of sugars and fatty acids in tertiary butyl alcohol with lipase from Byssochlamys fulva NTG 9 was studied. Of different fatty acids examined, linoleic acid yielded the highest percentage of esterification of sugar (65.5%). Fructose gave a much higher percentage of esterification of fatty acid (71.3%) than glucose (47.8%), lactose (0%), maltose (67%) and sucrose (36.6%).