BG India, part of the British Gas group, mulls to pump in $1 billion (about Rs 4,000 crore) in the exploration business in the next two to three years. British Gas has funded the geosciences lab at Indian Institute of Technology (IIT) in Mumbai to facilitate high quality research in the field of oil exploration. BG India is in charge for managing and developing the upstream and downstream interests of the BG Group in India. It is the largest investing foreign company in the Indian oil and gas sector, having infused approximately $900 million to date. India requires an investment of nearly $300 billion for exploration of hydrocarbon.
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