Singapore-based company to make Rs. 2000 cr FDI in Punjab
Responding to the positive investment climate being aggressively promoted in Punjab under the leadership of Chief Minister, Captain Amarinder Singh, Singapore-based Think Gas Investments PTE Limited (Think Gas) has decided to establish natural gas distribution infrastructure in the state with an expected foreign direct investment (FDI) of Rs 2000 crore and employment generation potential of more than 1500 jobs.
The proposed infrastructure will be spread across an area of 12,000 sq. km, covering the districts of Ludhiana, Barnala, Moga, Jalandhar, Kapurthala and SBS Nagar. The company aims to transform the energy consumption patterns in the state by penetrating approximately 45% of Punjab’s households, in both urban and rural areas, along with its industrial sector, according to an official spokesperson.
Think Gas CEO Hardeep Singh Rai met the Chief Minister here on Wednesday to discuss the company’s plans for the next 3-4 years. He informed the Chief Minister that the company will start the first phase of their ground operations soon. The Additional Chief Secretary Investment Promotion Vini Mahajan and CEO Invest Punjab Rajat Agarwal were present during the discussions regarding the execution of the project.
The Chief Minister extended to the company all support from his government for timely implementation of the project, and directed Invest Punjab to facilitate all required approvals from concerned authorities for them. The Chief Minister said the project will mark the beginning of a new era of clean fuel infrastructure availability in the state, and will encourage industries and citizens to transit to using cleaner fuel options. This will result in lesser environment pollution, he said.
According to the spokesperson, the widespread network of piped natural gas will reduce the cost of production for industries in Punjab. Overall, it will also improve the quality of life of citizens of the state. It may be noted that the Government of Punjab has taken multiple initiatives which have infused confidence and positivity in the business and industrial environment in the state.
The manufacturing and services sectors today contribute about 74% to the state economy. Consequently, this has increased urbanisation and industrialisation in Punjab, driving the demand for clean fuel energy. The investment by Think Gas has further strengthens Punjab’s position as a favoured investment destination for foreign investors and recognizes the efforts of the Government of Punjab, Industries & Commerce Department and Invest Punjab to transform Punjab into a Progressive State.