July 05, 2008

BG India plans to invest INR 4,000 crore in next 3 years

PTI reported that British Gas India is planning to invest USD 1 billion in the exploration business in the next 2 to 3 years.

Mr Kapil Garg MD of BG India said that "We have firm plans to invest USD 1 billion in exploration in India. We are into the full gas chain, both upstream and downstream and our intent would be to expand in India. We have a presence in the west and east coast in oil exploration activities."

India is one of the BG Group's 6 core geographic areas of operation. BG India is responsible for managing and developing the upstream and downstream interests of the BG Group in India. It is the largest investing foreign company in the Indian oil and gas sector, having invested approximately USD 900 million to date.

India needs an investment of nearly USD 300 billion for exploration of hydrocarbon.