To set up import terminal and floating gas storage units-Hindu.com


12 / 12 / 2018

Foresight Group to invest in LNG infrastructure in India

Foresight Group International, a $2 billion London-based shipping-to-retailing entity started by a former Shipping Corporation of India (SCI) senior executive, plans to invest $500 million in India across offshore drilling, shipping, port terminal and LNG sectors in the next five years.

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.

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