MUMBAI-Bahrain-based Gulf Finance House has agreed to finance a $2-billion real estate development in India that will create the country’s first business district for the energy industry. The development in India’s financial capital, Mumbai, will provide business infrastructure for oil and gas producers, refiners and companies in the energy shipping and trading businesses, according to a statement from the Bahrain-based Islamic bank.

“The Energy City in India, one of the world’s largest energy markets, is part of a plan to create a Pan-Asian network of energy-focused business centers,” a bank spokesman says, “the first of which is the $2.6-billion Energy City in Qatar.”

India is trying to eliminate power shortages by securing new sources of energy for its booming economy. The state government of Maharashtra, where the 300-acre development will take place, said it would fast-track clearances and other administrative support for setting up the facility.

Energy City India is the second of the four such cities envisaged by GFH for that Pan-Asian network. The first Energy City, to be developed at an estimated cost of $2.6 billion, was announced in Qatar in March while the remaining two will be announced early next year.

“We are working with our Indian consultants and our architects to finalize specific project components, after which we will commence the master-planning exercise. We are assessing potential sites and expect to conclude site acquisition very soon,” GFH chief executive Esam Janahi says.

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