JULY 20249ONGC & IOC TEAM UP TO SET UP LNG PLANT IN MADHYA PRADESHJSW MG MOTOR INDIA & ECOFY JOIN HANDS FOR EV FINANCINGTOP STORIESThe state-owned Oil and Natural Gas Corporation and Indian Oil Corporation have agreed to build a small-scale liquefied natural gas plant near the Hatta gas field in Madhya Pradesh. The Oil and Natural Gas Corporation (ONGC) said that the memorandum of understanding (MoU) was signed on June 17.It made a gas discovery in the Vindhyan basin. Its gas will be transformed into liquefied natural gas (LNG), which will be transported to consumers via trucks."The establishment of the Hatta LNG plant will significantly enhance the Vindhyan Basin's status, upgrading it from a Category II to a Category I Basin," it said.India's sedimentary basins, which cover 3.4 million square kilometers, are classified into three categories: Category I, which has hydrocarbon reserves and is already producing; Category II, which has contingent resources pending commercial production; and Category III, which has potential resources awaiting discovery."The plant will utilise cutting-edge technology to produce LNG, a cleaner alternative to traditional fossil fuels, significantly reducing carbon emissions and aligning with India's climate change mitigation goals," ONGC said.According to ONGC, the discovery at Hatta marks the culmination of five decades of relentless exploration efforts."ONGC has already submitted its field development plan (FDP) to the Directorate General of Hydrocarbons (DGH) to monetise its assets in the Hatta area," the statement said."As the nation advances on its path to energy self-sufficiency, the Hatta LNG plant will stand as a symbol of innovation, collaboration, and unwavering commitment to a greener tomorrow."JSW MG Motor India added that it offers financing and leasing solutions for its electric vehicles through a partnership with NBFC Ecofy, which is backed by Eversource Capital. Ecofy said in a statement that the two companies have signed a Memorandum of Understanding (MoU) under which it will offer financing and leasing solutions for up to 10,000 JSW MG EVs over the next three years.The company added that this will include loan options and leasing arrangements for JSW MG Motor India's current and future electric vehicles for retail customers as well as B2B operators."This partnership reflects JSW MG India's commitment to offer innovative EV ownership solutions to augment the adoption of electric vehicles (EVs) in India," JSW MG Motor India, Chief Growth Officer, Gaurav Gupta said.By providing creative financing solutions in partnership with industry trained professionals, the organization is making EV possession more open and reasonable to a more extensive audience, he added."By combining our expertise in finance and JSW MG's cutting-edge electric vehicle technology, we aim to make EVs accessible to a wider audience, empowering individuals and businesses to embrace a greener future without compromising on convenience or affordability," Ecofy Co-founder, MD & CEO Rajashree Nambiar said.India's automotive manufacturer, JSW MG Motor India, which was formerly MG Motor India until 2024, was established in 2019. Starting around 2023, it is a joint venture between the Mumbai-based Indian multinational conglomerate JSW Group and Shanghai-based Chinese auto maker SAIC Motor, a Chinese state claimed automobile manufacturer which markets vehicles under the British MG marque.
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