Hyderabad: City-based Spacenet Enterprises India Ltd on Thursday announced a joint venture with Modern Fuel Technologies, a Russian company, to execute Liquefied Natural Gas (LNG) projects across India. Spacenet will hold 15-25 per cent stake in the JV.
The LNG project, set to be executed phase-wise, is financed by a Russian major bank. The phase-1 of the project, set to be underway between FY 2025 to 2027, will witness establishment of 20 LNG gas stations and fuel retail outlets. In phase-two, 180 LNG gas stations and fuel retail outlets will be expanded across India.
Prakash Dasigi, Executive Director, Spacenet Enterprises, and Aleksander Sorokin, General Director, Modern Gas Technologies, expressed their optimism about this venture. “This partnership will be a significant step towards enhancing India’s LNG infrastructure and promoting cleaner energy solutions,” Dasigi said.
Sorokin added, “our combined expertise will drive the development of modern LNG solutions across various sectors in India.” The project will also promote ‘Retrofitting’ heavy commercial vehicles to use LNG, contributing to energy efficiency and reduced carbon emissions, the officials informed.
As India is poised to be one of the top three economic powers in the next 15 years, the demand for energy is set to rise exponentially. This growth is coupled with a significant shift towards clean energy. This joint venture as proposed is positioned to capitalise on this trend by developing LNG infrastructure across the country, the officials mentioned in an official release.
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