Hinduja Group scouts for partners for renewable energy business
The U$25-billion UK-based Hinduja Group has announced plans to set up a joint venture (JV) to enter in the renewable energy sector in India.
Specifically the firm aims to develop a joint venture where a 49% stake will be held by a partner. The JV is expected to be headed by Shom Hinduja, 23, son of Ashok P. Hinduja, chairman of Hinduja Group India.
The Hinduja Group plans to install 1,000 MW of solar power stations in India for a total for a total investment estimated at US$1 billion. According to co-chairman Gopichand P Hinduja, the diversified group has already identified three sites for projects in Andhra Pradesh, Rajasthan and Gujarat. The company has acquired land and is negotiating with two partners, one of them is expected to be selected after due diligence.
The group plans to invest US$10 billion for energy and infrastructure developments in India, a major part of which will be invested in solar energy projects.
The government on India had announced that it has set an objective to develop an additional 175,000 MW of renewable energy capacity by 2022.
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