New Delhi: In a major investment in the solar energy, Japan’s SoftBank Corp together with Sunil Mittal’s Bharti Enterprises and Taiwanese mobile handset maker Foxconn will invest $20 billion in India to generate 20 gigawatt of solar power.
“Softbank will take the lead and responsibility to generate 20GW as a minimum commitment in solar space in India. In economic terms, grossly $20 billion will be the scale of investment, probably it could be one of largest investment by a foreign company in India,” said Softbank chairman and CEO Masayoshi Son.
He will be visiting Andhra and Rajasthan in the first round to explore the opportunity for the venture. “With two times more sunshine and half the cost of construction (than Japan), making a solar park becomes four times more efficient (in India). It makes business sense, economic sense and technological sense,” said Mr Son.
It would take two years to start the project from the time of land allocation, he said. “We can manufacture solar equipment here in India. It will reduce one-third logistics cost if we manufacture and assemble in India. With Foxconn participation, we will also create some kind of manufacturing capacity here in India,” he added....