SoftBank, Bharti and Foxconn ink JV to focus on India solar & wind energy biz

Solar--Power-MPSoftBank, Bharti Enterprises and Foxconn Technology inked a joint venture to tap the Indian solar and wind energy market.

As per the JV, a 20 gigawatt (GW) of solar and wind energy projects in India at an investment of about $20 billion will be set up.

According to report, SoftBank, which owns one of Japan’s biggest mobile carriers and is the largest shareholder in Chinese e-commerce firm Alibaba, will have the majority control in the JV company — SBG Cleantech.

Bharti will be a strategic minority shareholder, while Foxconn Technology will have a smaller minority stake.

Softbank will take the lead and responsibility to make 20 GW as a minimum commitment in the solar space in India. Grossly $20 billion will be invested,” said Softbank chairman and CEO Masayoshi Son

Sunil Bharti Mittal, Chairman, Bharti Enterprises, said, “This project will immensely contribute to the Hon’ble Prime Minister Narendra Modi’s vision of meeting the energy demands through clean sources.”