Hyderabad-based Spacenet Enterprises India and Russia’s Modern Fuel Technologies will form a joint venture (JV) to execute liquefied natural gas (LNG) projects across India for retail. In this JV, Spacenet will hold 15-25 percent ownership.

The project will be implemented in two phases- Phase-I (FY 2025-27) is for establishment of 20 LNG gas stations and fuel retail outlets. Phase-II will involve expansion to 180 LNG gas stations and fuel retail outlets nationwide. The project will also promote 'retrofitting' heavy commercial vehicles (HCVs) to use LNG, contributing to energy efficiency and reduced carbon emissions.

The partnership leveraging the combined expertise will be a significant step towards enhancing India’s LNG infrastructure and the move towards cleaner energy solutions. This LNG project is financed by a major Russian bank.