CTCI Corporation a leading Taiwan-based engineering services provider, has won a tender for a liquefied natural gas terminal project in India worth US$240 million held by Indian conglomerate the Adani Group. Adani confirmed on Monday that CTCI won the bid and signed an agreement on April 24 with Adani Energy, a unit of the Indian conglomerate, for the project. It was the largest contract secured by a single Taiwanese company in the 18 countries targeted by Taiwan's New Southbound Policy since it was launched in May 2016.
The policy is aimed at forging closer economic ties with the 10-member states of the Association of Southeast Asian Nations (ASEAN), as well as with India, Pakistan, Bangladesh, Nepal, Sri Lanka, Bhutan, Australia and New Zealand, to reduce economic dependence on China. The LNG receiving terminal project will be located in the Dhamra Port in Odisha, a state in eastern India, and will have an annual capacity of 5 million tons of LNG, according to the Adani Group.
The group did not disclose any other details on the tender won by CTCI, such as when construction is expected to start. The news was disclosed when Taiwan External Trade Development Council (TAITRA) Chairman James Huang visited the Mundra Port & Special Economic Zone in the state of Gujarat in western India, which is currently run by Adani Group. Huang said CTCI's winning of the contract showed the southbound policy was delivering results.
During his stay in the special economic zone, Huang visited several industries and production facilities, including oil tanks, railways, highways and ports owned by several major Indian enterprises, such as Indian Oil Corp. and Hindustan Petroleum Corp. Ltd. (HPCL).