New Delhi, Nov 27 (PTI) London-based Foresight Group International plans to invest USD 500 million in India across shipping, port, offshore drilling and LNG sectors, the company said Tuesday.
“Foresight Group International, London-based shipping-to-retailing conglomerate plans to invest $ 500 million in India across Offshore Drilling, Shipping, Port and LNG sectors. The family trust owned group is committed to a long term purpose and will be making investments across various sectors in India with a long term growth perspective,” the company said in a statement.
It said the investment will be done over the next five years.
The company has invested USD 600 million in the last three years in offshore drilling division to acquire three new cyber offshore rigs, it said.
“The USD 1.85 Billion group has now finalised expansion plan for its shipping division and acquired a VLCC (very large crude carrier) in 2018 which is successfully chartered with oil majors and has decided to add 5 more VLCCs in 2019 focused on India’s demand of crude import,” the statement said.
In addition to Shipping, the Group has decided to invest USD 250 million for the development of LNG & Ports in India as per the Sagarmala project of the Government of India across the 7,500 km coastlines in India for Coastal Shipping, it added.
The company said as a first step, the group has strengthened its India HQ in Mumbai and also, the team to lead LNG & Port has come on board under the supervision of Hitendra Solanki, who has joined as the India Head of LNG and Ports.
Ravi K Mehrotra, Founder and Executive Chairman, Foresight Group International said, “…We have previously made an investment of around USD 350 Million in cyber rigs which are working with ONGC … Having this investment done, India will contribute to up to 44 per cent of our global operations…”. PTI NAM MR MR