The Gujarat Government has given its approval to Foresight and Padmanabh Mafatlal group's proposal to develop a compressed natural gas (CNG) port terminal at Bhavnagar port. The joint venture will invest INR19 billion (US$26.54 million) to set up the project.
The proposed CNG port terminal will have annual capacity of 6 million matric tonne. Mammorandum of Understanding between Gujarat Maritime Board and Foresight Group was signed during the 2019 Vibrant Gujarat summit.
The consortium has proposed the INR19 billion investment in two phases with INR13 billion (US$18 million) in the first phase and INR600 million (US$8.4 million) in the second phase through the 'Swiss challenge' method.
Studies for pre-feasibility report, cite selection, gas supply agreement and CNG vessel development have also been completed.
