Yash Birla Group (YBG), the Rs 2300-crore conglomerate with business ranging from auto to power, is betting big on the solar power business. The company is set to sign an agreement with a Brazilian energy company to set up a joint venture firm in Brazil. Also, the company will start Indian operations under a new company. About Rs 2,000 crore will be invested for its expansion in solar energy for the next five years.
The Indian operations will be under a new company called Birla Surya, while the Brazilian JV, known as Birla Braz, will look after its South American operations. YBG will hold majority stake in Birla Braz. YBG will set up two plants each in Brazil and India with a total capacity of 50 megawatts. Both the plants are expected to be commissioned within the next 18 months. The solar energy modules will be exported.
Also, the company has plans to set up a plant for its waste to energy project. The plant will have a capacity of 700 tonne of waste to be converted to energy.
?Solar energy will have a huge potential in the coming future. That is why we are keen on the sector with specified plans that will take off soon. In the initial phase, the company will invest Rs 500 crore and in total, the investment will be about Rs 2000 crore,? said a source close to the development.
Meanwhile, YBG is under a restructuring process and a few of the companies like Shloka and Birla Wellness are expected to be listed on the bourses in future. Birla Wellness, which had tied up with Singapore-based Pacific Healthcare Holdings to set up healthcare spas under the name Evolve, is set to sign more joint venture deals across the globe as part of expanding its healthcare business. Birla Wellness is also investing Rs 300 crore for its expansions. As reported by FE in October, YBG had tied up with Apollo Hospitals for setting up hospitals in Mumbai. Shloka is the education arm of YBG.