Bharti, Foxconn, SoftBank in $20 bn pact

NEW DELHI: Bharti Enterprises, Japan-based SoftBank and Taiwan-based Foxconn Technology Group have developed a joint venture SBG Cleantech, with plans to invest around $20 billion over 10 years into green energy projects.

"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," Masayoshi Son, Chairman and CEO of SoftBank, said in a joint statement.

"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," Sunil Bharti Mittal, Chairman, Bharti Enterprises,said.

The majority stake will be held by SoftBank, while Bharti and Foxconn will take minority stakes, subject to certain conditions, in the venture which will bid for solar and wind energy projects across different states.

SBG Cleantech will have Manoj Kohli, a Bharti veteran, who until recently led Bharti's emerging businesses, as Executive Chairman and Raman Nanda, as the CEO. The company will be headquartered in Delhi.

The projects will give a fillip to Prime Minister Narendra Modi's 'Make in India' project.

"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," Mittal said.