Japan’s SoftBank, the Sunil Bharti Mittal-led Bharti Enterprises and Taiwan’s Foxconn Technology on Monday teamed up to form a joint venture (JV) to set up a 20 gigawatt (GW) of solar and wind energy projects in India at an investment of about $20 billion. Here are 5 key points:
1. Japan’s SoftBank, the Sunil Bharti Mittal-led Bharti Enterprises and Taiwan’s Foxconn Technology’s joint venture is one of the biggest investment pledges to date in the country’s renewable energy sector.
2. SoftBank is the largest shareholder in Chinese e-commerce firm Alibaba, will have the majority control in the three-way JV company with Bharti and Foxconn as minority stakeholders.
4. SBG Cleantech will be headed by Manoj Kohli as its executive chairman while Raman Nanda will be the chief executive officer. It will be headquartered in New Delhi.
5. SoftBank had in 2011 set up SB Energy to develop clean energy projects following the Fukushima nuclear disaster.