logo
India's largest underground LPG storage cavern unveiled

India's largest underground LPG storage cavern unveiled

Hans India19-06-2025
Mangaluru: A landmark achievement in India's energy infrastructure was realised with the completion of the nation's largest underground liquefied petroleum gas (LPG) storage cavern in Mangaluru. Capable of holding 80,000 metric tonnes of LPG, this state-of-the-art facility bolsters the country's capacity to meet critical energy demands, particularly during emergencies.
The cavern, developed by Megha Engineering under the central government's oversight, underwent a rigorous Cavern Acceptance Test (CAT) from May 9 to June 6 to verify its safety and operational integrity. This marks the third underground storage facility in the Mangaluru region, joining the existing crude oil caverns at Permude (1.5 lakh metric tonnes) and Padur (2.5 lakh metric tonnes). Unlike its predecessors, this cavern is dedicated exclusively to LPG, surpassing the 60,000-tonne capacity of a similar facility in Visakhapatnam to claim the title of India's largest.
Approved by the central government in 2018, construction began in 2019 and culminated at a cost of Rs. 800 crore. The facility, carved 500 meters beneath the earth's surface through solid rock, is supported by a newly completed pipeline system connected to a floating jetty in the sea, enabling efficient LPG transfer.
This development strengthens India's energy security, ensuring a robust supply chain for LPG across the region. Authorities anticipate the facility will play a pivotal role in stabilising gas availability, reinforcing Mangaluru's growing significance as a hub for strategic energy reserves say the company officials.
Orange background

Try Our AI Features

Explore what Daily8 AI can do for you:

Comments

No comments yet...

Related Articles

Decathlon sets $3 billion India sourcing target, aims for ₹7,000 cr revenue
Decathlon sets $3 billion India sourcing target, aims for ₹7,000 cr revenue

Business Standard

time12 minutes ago

  • Business Standard

Decathlon sets $3 billion India sourcing target, aims for ₹7,000 cr revenue

Decathlon plans to boost India's contribution to global sourcing to 15%, with a focus on local production and increased market share, targeting ₹7,000 crore revenue by 2030 New Delhi French sports goods retailer Decathlon is aiming to ramp up India's sourcing by nearly six times to $3 billion by 2030 and double the country's contribution to global sourcing in the same timeframe, a top company official said on Tuesday. The retailer currently sources $480 million worth of goods from India. India accounts for 8 per cent of Decathlon's global sourcing quantities at present, which is expected to increase to 15 per cent in five years, with a focus on footwear, cricket products, metal sports equipment, and optical products, among others. Meanwhile, 70 per cent of what the company sells in India is sourced locally. This is expected to rise to 90 per cent in the same period. "As we continue to strengthen our footprint across offline and omni-channel platforms, production excellence remains at the heart of our strategy, powering sustainable business growth and deeper accessibility to sport for every Indian," said Sankar Chatterjee, Chief Executive Officer, Decathlon India. India is a significant growth driver for the retailer, Chatterjee further said, adding that it is among the top-eight markets in revenue terms for Decathlon. "The Indian sporting market is witnessing an 8 per cent compound annual growth rate (CAGR). India is expected to clock a revenue of Rs 4,100 crore (excluding tax) in financial year 2025," he said, adding that the company is set to see double-digit growth every year to "over Rs 7,000 crore (excluding tax) by 2030." The company is also looking to start producing electronic equipment like wearables, massagers, and even fitness equipment like treadmills locally. "In India today, we're starting with a basic product like a hand massager, the batteries for which are currently imported from China. But we are exploring avenues to start producing them in India in the near future," Deepak D'Souza, Head of Decathlon India Production, told Business Standard. The company is also venturing into varied product categories in nutrition, from energy bars, gels, and whey protein to multivitamin tablets. It is also one of the chosen countries to co-develop woven and knit products for Decathlon worldwide. The company has 113 manufacturing sites, 83 suppliers, and seven production offices in the country. It currently operates 132 stores across 55 cities and plans to expand its footprint to over 90 cities by 2030.

NSE Q1FY26 results: Consolidated net profit jumps 14% to ₹ 2,924 crore
NSE Q1FY26 results: Consolidated net profit jumps 14% to ₹ 2,924 crore

Business Standard

time12 minutes ago

  • Business Standard

NSE Q1FY26 results: Consolidated net profit jumps 14% to ₹ 2,924 crore

Despite a dip in revenue from operations, NSE's net profit rises by 14% to Rs 2,924 crore; retail shareholders grow ahead of expected IPO launch BS Reporter Mumbai National Stock Exchange of India (NSE) reported a consolidated net profit of Rs 2,924 crore in the first quarter of FY26, up by 14 per cent from Rs 2,567 crore in the corresponding quarter a year ago. The exchange's revenue from operations declined to Rs 4,032.24 crore in the quarter ending June, compared with Rs 4,509.7 crore a year ago. Revenue from transaction charges, which account for nearly two-thirds of the total income, declined by 14 per cent year-on-year in the June-ending quarter. However, on a sequential basis, it grew by 7 per cent to Rs 3,150 crore, driven by a surge in volumes across the cash market and derivatives segment. On a standalone basis, the options segment accounted for 76 per cent of the total transaction charges, followed by cash and futures at 13 per cent and 11 per cent, respectively. Further, in Q1 FY26, NSE's contribution to the exchequer was Rs 14,331 crore, including Rs 12,338 crore of securities and commodities transaction tax (STT/CTT) and stamp duty of Rs 875 crore. In the STT/CTT contribution, 46 per cent came from the equity derivatives segment, while 54 per cent was from the cash market segment. As anticipation for the exchange's initial public offering (IPO) grows, the total number of retail shareholders of NSE surged to 1.46 lakh as of June 2025. NSE had filed two separate settlement applications with Sebi on June 20, 2025, in the colocation and dark fibre matters. A response from Sebi on these applications is awaited. This settlement will play a key role in the fast processing of the IPO.

High Disposable Income & Demand of Quality Living to Drive Luxury Homes Growth
High Disposable Income & Demand of Quality Living to Drive Luxury Homes Growth

Business Standard

time12 minutes ago

  • Business Standard

High Disposable Income & Demand of Quality Living to Drive Luxury Homes Growth

NewsVoir Delhi NCR [India], July 29: The definition of luxury housing in India is no longer what it used to be. As more households move up the income ladder, buyers are bringing sharper expectations to the table. Besides, the pandemic was a major turning point. It made space, wellness, and privacy non-negotiable. Today's luxury home is as much about comfort and calm as it is about status. It's where aspiration meets everyday utility; and that shift is what's driving the next wave of growth. According to a joint report by CBRE-ASSOCHAM, India's luxury housing segment witnessed an 85% year-on-year (YoY) growth in the first half of 2025, with nearly 7,000 high-end residential units sold across the top seven cities. Leading the luxury surge, Delhi-NCR clocked sales of approximately 4,000 luxury units during January-June 2025, contributing 57% share to the total luxury segment. The region also recorded a threefold increase in sales compared to the same period last year, the report said. With rising disposable incomes, the appetite for premium homes has grown wider. NRIs are returning with global benchmarks, professionals are upgrading their lifestyle; there's a clear shift toward real estate that delivers both comfort and capital appreciation. For many, a luxury home is no longer a milestone purchase--it's a strategic one. Yukti Nagpal, Director, Gulshan Group, says, "The concept of luxury has gone beyond mere possessions. With more disposable income and clearer expectations, buyers seek homes where they can experience comfort, convenience, and a certain ease in everyday living. In NCR, micro-markets like Noida-Greater Noida Expressway are seeing massive traction due to their superior infrastructure, proximity to business hubs, and access to prime facilities, aligning with what buyers look for. At Gulshan, we curate residences that are aspirational yet rooted in practicality; where every detail, from layout to location, enhances quality of life." Data from JLL showed, India's housing market is witnessing a decisive tilt toward premium homes, with properties priced above Rs 1 crore accounting for 62% of all residential sales during the first half of 2025. These homes are being snapped up not just in Delhi or Mumbai, but in tier 2 cities too. For this new class of affluent buyers, luxury housing is where aspiration meets asset-building. Saurabh Saharan, Group Managing Director, HCBS Developments, says, "In Gurugram, Dwarka Expressway's rise as a premium residential zone is no accident. With its strategic location connecting Delhi and Gurugram, infrastructure upgrades, and proximity to IGI Airport, this stretch has become a magnet for luxury homebuyers. As developers, we've noticed an increasing shift towards smart, secure, and amenity-rich homes in this corridor. What's especially driving the market now is a new wave of millennial buyers with rising disposable incomes, who want more than just shelter. They're seeking larger homes, spacious layouts, and modern amenities that match their lifestyle. This shift is pushing the demand for premium, future-ready homes, and we believe Gururgam will sustain its real estate market where homes meet these aspirations." Dr. Vishesh Rawat, VP & Head of Marketing, Sales & CRM, M2K Group, says, "In sectors like Sector 104 along the Dwarka Expressway, we're seeing a very distinct kind of luxury demand, which is quiet, thoughtful, and deeply lifestyle-driven. Affluent buyers here want homes that feel like a retreat but still stay connected to the city's pulse. But what's equally driving interest is the investment potential. With soaring property prices, strong sales momentum, and non-stop infrastructure development, this corridor is anticipated to deliver impressive ROI in the coming years. Hence, we foresee that luxury, for this segment, is about balance not excess." Vikas Dua, Founder and Director, Chintamanis Group, says, "Gurugram continues to lead NCR's luxury housing evolution, driven by a clientele with high disposable income that values brand legacy, prime addresses, and architectural statement. Branded residences, especially along corridors like the Dwarka Expressway, are being viewed as generational assets. The demand here is as much emotional as it is financial, turning Gurugram's billionaire belt a proven destination for enduring value." Simultaneously, Tier-2 cities like Dehradun, Chandigarh, Jaipur, Indore, and Lucknow have become the new luxury hubs. As per MagicBricks, the average capital appreciation across Tier-II cities stands at 17.6%, outpacing the national capital's 11.10%. Driven by NRI investments, second-home aspirations, and retirement planning, luxury is now becoming a nationwide aspiration rooted in quality living and future-readiness. Harvinder Singh Sikka, Chairman, Sikka Group, says, "The appetite for luxury homes in Tier 2 cities like Dehradun is unprecedented. With increased reverse migration, buyers are looking for elevated living without the chaos of metros. They demand panoramic views, green architecture, and modern amenities bundled into a lifestyle offering. Thus, the aspirational curve has shifted upward, and Tier 2 luxury now competes with metro-grade sophistication." Therefore, the future of luxury housing in India lies in its ability to evolve with the buyer. With disposable incomes rising and lifestyles becoming more global in taste, developers who focus on detail, design, and experience will be the ones leading the next chapter of India's luxury housing story.

DOWNLOAD THE APP

Get Started Now: Download the App

Ready to dive into a world of global content with local flavor? Download Daily8 app today from your preferred app store and start exploring.
app-storeplay-store