India: IFFCO interested in 10 pct stake in Jafrabad FSRU project

Swan Energy on Monday said that Indian Farmers Fertiliser Cooperatives (IFFCO) are looking to invest in its FSRU project being developed in Jafrabad, Gujarat. 

According to a brief stock exchange filing, IFFCO is interested in investing up to 10 of the equity in Swan Energy.

Earlier this month, Swan Energy received an expression of interest from a Tata Group company, Tata Realty and Infrastructure, for 10 percent equity in Swan LNG.

This came briefly after Swan Energy increased the share capital of its unit, Swan LNG, from Rs 500,000 (Approx: US$7,348) to Rs 20 billion (Approx: $294 million).

Construction on the project site has already started with National Marine & Infrastructure India Private (NMIIPL), a unit of Abu Dhabi’s National Marine Dredging Company winning the engineering, procurement and construction (EPC) contract worth US$316 million, for marine and dredging works.

Swan Energy received the approval from Gurajat Maritime Board to begin construction works on the project in December last year. During the same month, Government of Gujarat decided to up its participation in the project by investing 26 percent in equity of Swan LNG’s project through Gujarat State Petronet Limited and Gujarat Maritime Board jointly.

Total investment in the project would reach Rs 59 billion (Approx: $867.2 million), with Swan Energy currently holding 36 percent equity in the project. The government of Gujarat owns a 26 percent stake while Exmar of Belgium owns 38 percent.

1 INR = 0.0146989 USD

LNG World News Staff