Japan's SoftBank Corp on Monday announced investment of $20 billion in setting up solar power projects in India in partnership with telecom giant Bharti Enterprises and Taiwan's Foxconn.
The Japan headquartered telecommunications and Internet major, which had previously committed to invest $10 billion in India over a decade, said the three firms will set up 20 gigawatts of renewable energy projects in India.
SoftBank will hold majority stake in the joint venture, SBG Cleantech Ltd, while Bharti Enterprises Ltd and Foxconn Technology Group will have minority stakes.
Its chief executive officer Masayoshi Son said Foxconn will help with planned solar equipment manufacturing for the projects.
The three firms are also looking at manufacturing equipment in India, he added.
"We have committed to invest $10 billion in 10 years.
“In past 9 months, we have already made a billion dollar investment," he said.
Bharti chairman Sunil Mittal said Manoj Kohli will head the three-way venture as its executive chairman while Raman Nanda will be the chief executive officer.
India, Son said, has two times more sunshine and cost of constructing solar park is half that of Japan.
It would take two years to start a project from the time of land allocation.
"With two times more sunshine and half cost of construction, making a solar part becomes four times more efficient.
“It makes business sense, economic sense and technological sense," he said.