"Spacenet Enterprises and Russia's Modern Fuel Technologies to Launch Joint Venture for LNG Project"

Hyderabad-based Spacenet Enterprises India Ltd and Russia’s Modern Fuel Technologies have announced the formation of a joint venture to develop Liquefied Natural Gas (LNG) projects across India, with a particular focus on retail.

In the new joint venture, Spacenet will hold a 15-25% stake, enhancing the company’s value, according to a company statement. The initiative will roll out in two phases: Phase 1 (FY 2025-27) will see the establishment of 20 LNG gas stations and fuel retail outlets, while Phase 2 will expand the network to 180 LNG stations and outlets nationwide.

Prakash Dasigi, Executive Director of Spacenet Enterprises, and Aleksander Sorokin, General Director of Modern Fuel Technologies, expressed enthusiasm about the venture. Dasigi stated, “This partnership represents a significant step towards enhancing India’s LNG infrastructure and advancing cleaner energy solutions.”

Sorokin added, “Our combined expertise will drive the development of modern LNG solutions across various sectors in India.”

The project will also focus on “retrofitting” heavy commercial vehicles (HCVs) to use LNG, aiming to improve energy efficiency and reduce carbon emissions.

The joint venture highlights both companies’ commitment to advancing energy, transportation, and other economic sectors through modern LNG technologies and solutions. The project will be financed by a major Russian bank.

HBL