UAE shipping to drilling company Foresight Group International intends to invest in liquefied natural gas (LNG), shipping, port and offshore drilling sectors in India.
The $500 million commitment will be done over the next five years. Foresight has already purchased a very large crude carrier and aims to add five more in 2019 to cater for India’s crude import demand.
The company intends to increase the oil rigs ownership from the present five to 10 by 2020. It would commit $250 million for the development of LNG and ports in India.
There are also arrangements by Foresight to inject and extend the retail presence of India-based leather footwear manufacturer Pavers England from the present 40 stores to up to 100 stores across 30 cities in India.