- Japan’s SoftBank Corp, together with Bharti Enterprises and Taiwan’s Foxconn, will invest about $20 billion in solar projects in India, in one of the biggest investment pledges to date in the country’s renewable energy sector.
- SoftBank will hold majority control in the joint venture, SBG Cleantech Ltd, while Bharti Enterprises Ltd and Foxconn Technology Group will have minority stakes.
- Bharti Chairman Sunil Mittal said Manoj Kohli will head the three-way venture as its executive chairman while Raman Nanda will be the chief executive officer.
- Earlier SoftBank CEO Masayoshi Son have announced a $10 billion push in India for various internet and telecom projects.
- Prime Minister Narendra Modi has looked to industry for help in funding what government advisers hope will be a $160 billion push into renewable energy over five years.
- Son said Foxconn would help with planned solar equipment for the projects and the companies are looking at manufacturing equipment in India.