- The MoU with Gujarat Maritime Board will focus on development of CNG Terminal along the Gujarat coastline
- Will invest INR 1,000 Crores for development of CNG Terminal Infrastructure and CNG Vessels
Foresight Group International, the UK based renowned Shipping and Drilling conglomerate has signed a MoU with the Gujarat Maritime Board (GMB) on the first day of Vibrant Gujarat Summit – 2019, for the development of India’s first CNG Terminal along the Gujarat coastline. The primary objective of the MoU will be to develop CNG receiving infrastructure facilities for India through Gujarat coast. The company plans to invest INR 300 Crores for CNG Terminal Infrastructure and INR 700 Crore for CNG Vessels. Foresight Group has already started exploring various prospective project sites in the state for development for the CNG Terminal.
In last 5 years, the business environment in India has improved and it has now become easier for foreign investors to venture into the Indian market. Foresight Group International, with its Global perspective, is committed to invest and develop long term infrastructure projects in India. FGIL set its footprints in India 20 years back and in the recent past, the group has invested around USD 600 Million to acquire three new cyber offshore rigs, two of which are working in India for ONGC Offshore oil fields. The Group has proved its professionalism and efficiency and received the Best Rig Award for 2017 and 2018 with 99% efficiency.
Expressing his thoughts on the MoU, India Head of LNG and Ports, Hitendra Solanki, FGIL said, “Our work is a testament of Government’s forecast to set up CNG (compressed natural gas) plants and allied infrastructure at a cost of INR 1000crore (US$ 150 mn) to promote the use of clean fuel. Gujarat Maritime Board (GMB) is the pioneer in maritime development and has successful history of port privatization. GMB’s proactive approach and private sector participation policies have encouraged us to enter into the MOU for India’s first CNG Terminal development in state of Gujarat”.
Foresight group International is also considering development of Oil Tanking Terminal for liquid and chemical cargo along with the CNG Terminal. Recently, during his visit to India in December 2018, FGIL chairman Dr. Ravi K Mehrotra CBE made an announcement of group investment of about USD 500 Million in India’s Offshore Drilling, Shipping, Port and LNG sectors specifically CNG and small scale LNG Terminals with a long term growth perspective in next 3 years.