Ongoing economic reforms in Sri Lanka have excited Indian corporate investors, amongst them India’s biggest player in their domestic LNG gas sector who is bidding to enter the Lankan market to supply the new, green LNG -and also to revolutionise the present LNG supply system here as well.
“Ongoing economic reforms in Sri Lanka have awakened our interest here” announced Ramesh Kumar Mutha (Leader of business delegation to Colombo from Confederation of Indian Industry) on 1 June in Colombo. He expressed this view at a meeting with Minister of Industry and Commerce Rishad Bathiudeen in Colombo during his delegation’s call on Minister Bathiudeen. CII is the largest industry chamber in India.
Among CII industry sectors and companies meeting Minister Bathiueeen on 1 June were automibiles (Tata Motors), exports (Mohan Mutha Exports-an Indian govt accredited star export house), energy (Petronet LNG), refractories (Caldery's India Refractories), tobacco processing (Ankita Overseas Ltd) and water supplies (Shubham Aqualink). The Indian industry and biz-led, not-for-profit Confederation of Indian Industry has more than 8000 members from Indian multinationals, corporates and SMEs and is a leading policy influencer. More importantly CII is a reference point on overall Indian SMEs, multinationals and industry. It has additional 200,000 other member firms as well. CII’s presence is such that it has offices in nine overseas destinations-China, Australia, Bahrain, Egypt, France, Germany, Singapore, UK, and USA. CII also has institutional partnerships with 320 counterpart organizations in 106 countries.
“Reforms are taking place in both Sri Lankan and Indian economies. Both economies are on a growth path” said CII’s Mutha and added: “Ongoing economic reforms in Sri Lanka have awakened our interest here. Specially members of my delegation are keen in partnering in energy, LNG Gas, export links, and water supplies here. We are scouting for investments in Sri Lanka in these sectors. For example, Petronet LNG Ltd, India's largest importer of liquefied natural gas, has called for a large scale project in Sri Lanka.”
Deputy Manager of Petronet LNG Ltd Manik Jhamb explained that Petronet LNG has already submitted their proposal for Sri Lanka entry. “Our proposal for Sri Lanka envisages an operation where we will supply clean LNG in comparison to what is seen in Sri Lankan market today. Petronet LNG is a Joint Venture by the Government of India to import LNG and set up LNG terminals in the country, and involves India's leading oil and natural gas industry players including GAIL (India) Limited, Oil & Natural Gas Corporation Limited (ONGC), Indian Oil Corporation Limited (IOCL) and Bharat Petroleum Corporation Limited (BPCL). The authorized capital of Petronet is $240 million!”(LI NEWS)