Pune Gas to expand into Sri Lankan market through a joint venture with Lanka Gastech
Economic Times: Pune Gas announced its expansion into the Sri Lankan market through a joint venture with Lanka Gastech, formed in collaboration with the 3DH Group of Sri Lanka. This initiative comes as a response to the increasing demand for sustainable energy solutions in Sri Lanka’s industrial and commercial sectors.
Pune Gas Executive Director Jesal Sampat said: “Our expansion is rooted in our mission to provide sustainable and innovative gas solutions in Sri Lanka. We are looking forward to contributing to the Sri Lankan market’s growth and success.” The company is aligning its operations with local regulations in collaboration with Sri Lankan regulatory authorities.
The joint venture is set to introduce a range of LPG solutions tailored for the Sri Lankan market, focusing on converting applications from oil and diesel to LPG. This initiative reflects Pune Gas’s commitment to offering efficient and environmentally responsible gas solutions, catering to the evolving needs of businesses in Sri Lanka.
Pune Gas’s decision to expand into Sri Lanka is supported by thorough market research on demand trends, regulatory frameworks, and the competitive landscape. The expansion is part of the company’s strategy to extend its expertise in downstream LPG solutions and to support the transition of industrial and commercial users in Sri Lanka to more sustainable energy options.
The company’s approach in Sri Lanka emphasizes customer-centric services and efficient logistics and supply chain management to ensure timely product delivery.
With this joint venture, Pune Gas aims to leverage its three-decade-long experience and focus on sustainability to make a significant impact on the Sri Lankan energy sector.
OSL take:
Sri Lanka and India enjoy strong bilateral and trade ties that have been further strengthened by an operational free trade agreement (FTA). While India is one of Sri Lanka’s key development partners, there are many Indian businesses that have set up operations in Sri Lanka in key economic sectors. The Indian businesses operating in Sri Lanka including the joint ventures and partnerships in the country have shown growth and profits recorded even amidst challenging economic conditions faced by Sri Lanka in the past few years. Given Sri Lanka’s geographical positioning in the Indian Ocean and the many trade agreements as well as trade concessions enjoyed by Sri Lanka with other countries while working towards becoming an emerging business destination in the South Asian region, Indian businesses/investors could confidently explore the expanding business/investment opportunities in Sri Lanka. Indian businesses/investors could also look at forming partnerships or joint ventures with local businesses engaged in the key economic sectors with the aim of further expansion.
| Article Code : | VBS/AT/20240118/Z_4 |