SoftBank, Bharti and Foxconn to Form Joint Venture for Renewable Energy in India

By 121 News

Chandigarh 22^nd June:-  Japan headquartered telecommunications and Internet major SoftBank Corp. ("SoftBank"), leading Indian business conglomerate Bharti Enterprises Limited ("Bharti") and Taiwan-based top design and manufacturing services provider Foxconn Technology Group ("Foxconn"), came together with plans to form a joint venture, SBG Cleantech Limited ("SBG Cleantech") to promote the adoption of clean and safe energy in India. Subject to certain conditions, all three companies will jointly invest in the venture.

SBG Cleantech will be a harbinger of solar and wind energy. Following the Indian Prime Minister's 100GW solar and 60GW wind target by 2022, the venture will invest in and develop renewable energy plants across India. SBG Cleantech is committed to contributing to the Government of India's mission of 24x7 power for all and the renewable energy target by 2022. The company intends to participate in the 2015-16 round of solar power plant tenders ‎under the National Solar Mission (NSM) program and state-specific solar programs.

Masayoshi Son, Chairman & CEO of SoftBank, said that our eyes are trained on India, given the vast potential that the country offers. We have already made considerable investments in the technology sector here. With this partnership, our goal is to create a market-leading ‎clean energy company, to fuel India's growth with clean and renewable sources of energy. We have joined hands with Bharti Enterprises and Foxconn, two leaders in their respective markets for this venture that will propel India into the future.

Added Sunil Bharti Mittal, Chairman, Bharti Enterprises said that at Bharti, we believe in projects that have a transformational impact on society. In line with this vision, we are participating in a renewable energy venture with SoftBank and Foxconn which has the potential to transform the Indian economy. This project will immensely contribute to the Hon'ble Prime Minister's vision of meeting the country's energy demands through clean sources. Just as mobile phones have connected every Indian, renewable power has the potential to provide every Indian with access to electricity, SBG Cleantech underlines our commitment to India's growth plans not only by eliminating energy deficit but also providing clean environment to the future generations of India.

Terry Gou, Founder and CEO, Foxconn Technology Group, said as a leading global technology company, Foxconn is committed to fulfilling our social and environmental responsibilities (SER) and investing in areas that link technology with sustainable growth in a way that also protects the environment.  Harnessing renewable energy is a key pillar in our SER strategy and we are excited to join our industry partners, SoftBank and Bharti, in championing clean energy solutions in India through SBG Cleantech, and supporting the country's efforts to grow its renewable energy industry.