Foresight Group International plans $500 Million investment in India across Offshore Drilling, Shipping, Port and LNG sectors -EducationPost


29 / 11 / 2018

THE EDUCATION POST

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. In last three years US$600 million was invested in the Offshore Drilling division to acquire three new cyber offshore rigs; two of which i.e. Vivekanand 1 & Vivekanand 2 are working in ONGC since 2016 whereinVivekanand 1 received the award of being the best rig of 2017.The third rig is getting delivered in January 2019 and will be deployed with Abu Dhabi National Oil Company (ADNOC) from March 2019.

The $1.85 Billion group has now finalized expansion plan for its shipping division and acquired a VLCC in 2018 which is successfully chartered with oil majors and has decided to add 5 more VLCCs in 2019 focused on India’s demand of crude import.In addition to Shipping, the Group has decided to invest US$ 250 million for the development of LNG & Ports in India as per the Sagarmala project of the Government of India across the 7500 km coastlines in India for Coastal Shipping. This will reduce congestion and pressure on roads of India as well as it will reduce carbon footprints.As a first step, thegroup 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.

Expressing his thoughts on the investment, Ravi K Mehrotra CBE (Commander of his Excellent Order of British Empire) Founder and Executive Chairman, Foresight Group  International said, “Being an Indian, there’s no greater emotion than investing for the growth of our motherland. India always had great prospects in terms of the LNG and port sectors since before independence. We have previously made an investment of around $350 Million in cyber rigs which are working with ONGC &US$ 30 million in Pavers England braded retail, Group’s joint venture with Pavers Limited UK which was India’s #1 FDI for single brand retail. Having this investment done, India will contribute to upto 44% of our global operations and we are bullish to see an increase of 55 % increase by 2025.And, by the time the company steps into its centenary in 2084, we are bullish to become a $50 billion International company.”

Foresight Group International will continue to strengthen the businesses in India with a very long term view  across Shipping, Offshore drilling, Branded Retail, LNG & Ports as Dr.Ravi K Mehrotra believes in unconditional & tremendous growth potential in India which is unique and does not exists anywhere else in the world currently.

Joining Foresight Group as the India Head of LNG and Ports, Hitendra Solanki stated, “With vigorous and rejuvenating expansion plans, it feels great to be a part of this highly motivated team. Foresight already has a strong brand recall in the shipping and off-shore drilling sectors globally and the operational investment is a testament to the continued legacy of the company as it plans to expand its service portfolio. I am looking forward to work cohesively across board to further develop the existing business and boost the organization’s affinity in the region.”

The diversified group, which began in London in 1984 by the humble beginnings of one man, is headquartered in London and has set Dubai, U.A.E as its global operational base for the conglomerate, which has operations across Europe, United Kingdom, China, India, Cyprus and Middle East. Foresight Offshore Drilling has been developed as an outcome of recent consolidation and acquisition of assets, talent and experience. Having dipped its hull in the oil exploration and drilling industry in1989, it began to shift its focus into offshore drilling, which is now one of the flagship divisions of the group.

Also, Pavers England, which is a joint venture by the group and received India’s #1 FDI has completed 10 successful years in India. The group will further invest to expand the retail presence of the premium footwear brand to100 branded stores across 30 cities in the country.

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