Foresight Group International (FGIL), the UK based renowned shipping and drilling conglomerate has signed an MoU with the Gujarat Maritime Board (GMB) on the first day of the 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 the development of the CNG Terminal.
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 1000 crore (US$ 150 mn) to promote the use of clean fuel. Gujarat Maritime Board (GMB) is the pioneer in maritime development and has a history of successful 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 the state of Gujarat.”
Foresight Group International is also considering the 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 three years.
About Foresight Group International
The Foresight Group was founded on September 4, 1984, by Dr Ravi K Mehrotra. From simple yet 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 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 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 billion diversified global conglomerate with interests in Shipping, Offshore drilling, branded retail, hospitality, and marine training.