Shapoorji Pallonji-led JV to build LNG facility at Mumbai port

SP Armada Clean Energy Ventures Private Limited (SPACEVPL), a joint venture (JV) of Shapoorji Pallonji & Company Limited (SPCL) and Bumi Armada, signed a licence agreement with the Mumbai Port Trust (MbPT) to set up, operate and maintain a floating storage regasification unit (FSRU) for a period of 30 years. MbPT has decided to set up an FSRU LNG terminal project in Mumbai harbour in public-private partnership (PPP) mode on a design-build-finance-operate-transfer (DBFOT) basis at an investment of Rs 26.9 billion. The project is scheduled to be completed within 36 months from the date of award of the contract.