Japan's SoftBank to invest up to $100 billion in Indian solar - NHK
The company is expected to make the investment through a fund backed by Saudi Arabia`s government, NHK said. Saudi Arabia is the largest investor in SoftBank`s Vision Fund, which raised over $93 billion last year.
SoftBank Group Corp has decided to invest $60 billion-$100 billion in solar power generation in India, Japanese public broadcaster NHK reported on Friday.
SoftBank and the Indian government are expected to reach a formal agreement soon after final arrangements are made, the report said without naming its sources.
The company is expected to make the investment through a fund backed by Saudi Arabia`s government, NHK said. Saudi Arabia is the largest investor in SoftBank`s Vision Fund, which raised over $93 billion last year.
A SoftBank spokesman declined to comment.
In 2015 SoftBank pledged to invest $20 billion in Indian solar projects with a goal of generating 20 gigawatts (GW) of energy as the majority partner in a joint venture with India`s Bharti Enterprises and Taiwan`s Foxconn.
Last month SoftBank secured 200 megawatts of solar capacity at an auction in the southwestern state of Karnataka.
In April it teamed up with China`s GCL System Integration Technology Co Ltd on a $930 million Indian solar energy venture.
WATCH THIS ZEE BUSINESS VIDEO HERE
India has set a target to achieve an operational solar power capacity of 100 GW by 2022, five times current levels, under Prime Minister Narendra Modi`s renewable energy strategy.
SoftBank`s Vision Fund has exposure to solar energy through its investment in the world`s largest such project in Saudi Arabia announced in March.
Get Latest Business News, Stock Market Updates and Videos; Check your tax outgo through Income Tax Calculator and save money through our Personal Finance coverage. Check Business Breaking News Live on Zee Business Twitter and Facebook. Subscribe on YouTube.
RECOMMENDED STORIES
Power of Compounding: How many years will it take to reach Rs 3 crore corpus if your monthly SIP is Rs 4,000, Rs 5,000, or Rs 6,000
IRCTC Dividend 2024: Railway PSU announces 200% interim dividend - Check record date and other details
Power of Compounding: Salary Rs 25,000 per month; is it possible to create over Rs 2.60 crore corpus; understand it through calculations
Reduce Home Loan EMI vs Reduce Tenure: Rs 75 lakh, 25-year loan; which option can save Rs 25 lakh and 64 months and how? Know here
New Year Pick by Anil Singhvi: This smallcap stock can offer up to 75% return in long term - Check targets
PSU Oil Stocks: Here's what brokerage suggests on these 2 largecap, 1 midcap scrips - Buy, Sell or Hold?
Power of Compounding: How many years it will take to reach Rs 2 crore corpus if your monthly SIP is Rs 3,000, Rs 4,000, or Rs 5,000
05:13 PM IST