Petronet to pump in Rs 40k cr in 5 yrs
Foraying into petrochemicals biz; new plans expected to boost profitability to Rs10,000 cr
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New Delhi: Petronet LNG Ltd, India's biggest gas importer, will invest Rs40,000 crore in the next five years for expanding import infrastructure as well as foraying into new business to boost profitability to Rs10,000 crore.
Petronet, which operates two liquefied natural gas (LNG) import facilities at Dahej in Gujarat and Kochi in Kerala, is looking to foray into the petrochemicals business, according to the firm's latest annual report. The company has formulated a '1-5-10-40' strategy for exponential growth and diversification.
"The company aims at achieving an annual turnover of Rs1 lakh crore over next five years and annual profit after tax of Rs10,000 crore with investments of Rs40,000 crore," it said. It had a net profit or profit after tax of Rs3,352 crore on a turnover of Rs43,169 crore in fiscal 2021-22 (April 2021 to March 2022).
