The government expects clean energy to yield business worth USD 160 billion in India
Aug 20, 2015
Adani Group is in talks with Japan’s Softbank and Foxconn, maker of Apple’s iPhone, to secure investment in a USD 3 billion project to make solar cells and panels in the country, two sources with knowledge of the matter said.
Prime Minister Narendra Modi’s government expects clean energy to yield business worth USD 160 billion in India in the
next five years, based on the country’s power generation targets.
Softbank, Foxconn and Bharti Enterprises have already pledged to invest about USD 20 billion in solar projects in India. A new deal with Adani, one of the country’s largest conglomerates, would boost Modi’s efforts to promote manufacturing and create sorely needed jobs.
One of the sources, who is involved in the negotiations, said that over the past few weeks, the billionaire founder of the mines-to-power Adani Group, Gautam Adani, had held talks with Softbank Chairman Masayoshi Son and Foxconn head Terry Gou. Foxconn Technology Group, Softbank and Adani all declined to comment.
