NRI industrialist-run Aries Group is planning to foray into offshore oil, gas and petrochemical business in Kuwait. It will invest $1billion to fuel its robust growth project. Last year, the group’s Indywood consortium had initiated a $10-billion investment in India in the entertainment business. Last year, the group’s Indywood consortium had initiated a $10-billion investment in India in the entertainment business.
“We are looking at broadening our horizon in global oil, gas and petrochemical industry. We are looking at an additional investment in Kuwait,” Sohan Roy, Aries Group chairman, announced at the Kuwait Symposium. This would be to the tune of $1billion. In 2014, the UAE-based group had acquired actor Mohanlal’s Vismayas Max studio complex in Thiruvananthapuram, Kerala’s first DTS Studio. As part of its entertainment investment plan, Aries Group’s Indywood consortium had, last year, rolled out a string of movie production and multiplex projects, targeted to increase Indian cinema’s share in global cinema to 40%.
“After pushing the Kuwait project forward, Aries Marine, the flagship company of the group, will also expand its operations to more countries,” an Aries Group spokesman told FE. Aries Marine is also the largest ship design and consultancy firm in West Asia.
In the run-up to the offshore investment plans, the Aries Group chief had been involved in discussions on effective adaptability of oil and gas companies in operating safely in deep water.
THE FINANCIAL EXPRESS
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