SoftBank, Bharti, Foxconn form Joint Venture Monday June 22,2015

 

Japanese telecom and internet giant SoftBank Corp. along with Sunil Mittal’s Bharti Enterprise and Taiwan-based manufacturing major Foxconn Technology, on Monday June 22,2015 announced a joint venture, SBG Cleantech, to promote adoption of clean and safe energy in India, which will be investing $20 billion to generate 20 GW (gigawatt) of solar power, billed as one of the biggest foreign direct investment (FDI) projects in the sector

The Joint Venture will be led by SoftBank, while the other two will be minority partners.

SoftBank said that driven by ‘confidence’ in the Narendra Modi-led government, it was doubling its planned investment in India over the next 10 years to $20 billion.

“Prime Minister Narendra Modi asked us to invest not only in Internet space but also consider renewable energy sector. I had promised him, we will study the sector… I met the PM and Energy Minister on Monday and I got enough confidence to make commitment to set up minimum 20 GW of renewable energy,” said Masayoshi Son, Chairman & CEO of SoftBank.