Adani Group is planning to join hands with Softbank and Foxconn to set up $3 billion solar cell manufacturing project in India, according to media reports.

The announcement comes as the outcome of talks held by Gautam Adani, the founder, with Softbank chairman Masayoshi Son and Foxconn head Terry Gou.

The deal may represent one of the biggest such investments in the solar energy industry in India and will accelerate the Make in India initiative.

Launched by the Narendra Modi government, the objective of Make in India initiative is to boost the manufacturing sector in India and create new employment opportunities to its people.

During his recent visit in India, Foxconn chairman committed massive investment in the country.

In what seems to be a real push for the solar industry in India, Softbank, Foxconn and Bharti Enterprises have already committed about $20 billion in solar projects in India. The new deal with Adani will further boost the momentum and encourage future investments in the sector.

None of the parties involved in the deal have not confirmed on the agreement.

In another recent development Adani partnered with Suntech for a major solar project in Tamil Nadu. The 200 MW project, the largest individual solar project in the world as per the claims from Adani, will employ Suntech’s Vem PV series modules.

Rajani Baburajan

editor@greentechlead.com