The largest gas importer in India, Petronet LNG Ltd, will spend Rs 40,000 crore over the next five years to expand its import infrastructure and enter new markets in an effort to increase profitability to Rs 10,000 crore.
According to the company’s most recent annual report, Petronet, which runs two liquefied natural gas (LNG) import facilities at Dahej in Gujarat and Kochi in Kerala, is considering entering the petrochemicals industry.
The company has formulated a ‘1-5-10-40’ strategy for exponential growth and diversification. “The company aims at achieving an annual turnover of Rs 1 lakh crore over next five years and annual profit after tax of Rs 10,000 crore with investments of Rs 40,000 crore,” it said.
