MoU for India’s first Compressed Natural Gas (CNG) Terminal signed

Bhubaneswar : 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, HitendraSolanki, 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.
About Foresight Group International: Foresight Group International is a strategically diverse Family Trust owned business building a legacy for the future. The Foresight Group was founded on September 4 1984, as the founder,Dr. Ravi K Mehrotrarealised his ambition of creating his own business. From those simple but ambitious beginning the company has grown into the multi-billion dollar global conglomerate that it is today. Every bit of the company has been built from scratch, first by the Dr. Mehrotra and then with the help of the leadership team that works with his guidance. What started as a shipping company has, over the decades, made strategic diversification moves that have seen the organisation morph into a global business conglomerate. The earliest expansion into a new business line came through DrMehrotra’s exposure to oil trading, which built his energy industry expertise and lead to the company buying its first jack-up rig in 1989. The group continues to explore new opportunities in diverse sectors to pursue sunrise business opportunities like Artificial Intelligence that will be able to sustain future growth and development. The group today is a USD 185 bln diversified Global conglomerate with interest in Shipping, Offshore drilling, branded retail, hospitality and marine training.