London-headquartered shipping-to-retail conglomerate, Foresight Group International, today announced it would invest $500 million in India over the next five years in projects across the offshore oil and gas drilling, shipping, ports, and liquefied natural gas (LNG) space.
The $1.85-billion group has finalised expansion plan for its shipping division and acquired a Very large Crude Carrier (VLCC) this year, which is currently chartered with oil companies, and has decided to add five more VLCCs in 2019 focused on India’s demand of crude import.
Apart from shipping, the company has decided to invest $250 million for development of LNG infrastructure and ports in India under the government’s Sagarmala project that covers the 7,500 kilometre coastline for coastal shipping. This will reduce congestion, pressure on roads of India and would also reduce carbon footprints, the company said.
As a first step, the group has strengthened its India office located in Mumbai. “Having this investment done, India will contribute to up to 44 per cent of our global operations and we are bullish to see an increase of 55 per cent 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,” Founder and Executive Chairman Ravi K Mehrotra said.
The company has invested $600 million in the past three years in offshore drilling to acquire three new cyber offshore rigs. Two of these are currently working in ONGC and the third rig is getting delivered in January 2019. It will be deployed with Abu Dhabi National Oil Company beginning March 2019.
The diversified group has set up an operations base in Dubai, UAE and has present in Europe, UK, China, India, Cyprus and Middle East.