Essar Energy Bullish About India Shale Gas Sector

Essar Energy is bullish on prospects of shale gas in India though the government is yet to articulate a clear-cut policy about the sector.

Company's chief executive officer Naresh Nayyar said the company is bullish on shale gas but is not considering any overseas investment unlike its peers. "Shale gas production shall significantly go up within the next couple of decades. Almost 10-15% of the global energy production will come from this source by 2030-35," he told Economic Times in an exclusive interview.

"We are an India-focussed company. Our strategy is to drive growth by leveraging the growth in demand in India," he said.

India's Reliance Industries has so far invested $5.2 billion to develop the business in the US through four joint venture companies. Essar is, however, not keen on the US assets, Economic Times said.

"We are not making any investment in the US for this purpose. But we will definitely look at it in India. We believe India has significant prospects," Nayyar said.