SoftBank, Bharti, Foxconn To Set Up $20 Billion Solar And Wind Venture

Japan's SoftBank, 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. This would clearly be one of the biggest investment pledges to date in the country's renewable energy sector. 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 three-way JV company - SBG Cleantech - with Bharti and Foxconn as minority stakeholders. "Softbank will take the lead and responsibility to make 20 GW as a minimum commitment in the solar space in India. In economic terms, grossly $20 billion will be the scale of investment, probably it could be one of largest investments by a foreign company in India.