Good news of up waiting for LNG sector which has roped in an investment of $500 million from a London-based shipping-to-retailing entity started by a former Shipping Corporation of India (SCI) senior executive. In a bid to expand its reach, Foresight is stepping into offshore drilling.
The main objective of the group is to build a reliable and cost-effective LNG supply chain for India to meet its energy requirement needs.
“Being an Indian, there’s no greater emotion than investing for the growth of our motherland. India always has had great prospects in terms of the LNG and port sectors. We will be making investments across various sectors in India with a long-term growth perspective,” Dr. Ravi K. Mehrotra founder and executive chairman, Foresight Group International, said.
The Group has decided to invest $250 million for the development of LNG-related infrastructure in India, including vessels. Besides putting up terminals for which discussions are on, the group is planning to set up several gas floating storage units (FSUs) in India.
Most part of the remaining $250 million will go towards acquisition of very large crude carriers (VLCCs) and oil rigs. The group also wants to deploy vessels on coastal shipping as per the Sagarmala policy of the government.
Recently, the group’s shipping division had acquired a VLCC which has been chartered to oil majors.