INSUBCONTINENT EXCLUSIVE:
The company is expected to make the investment through a fund backed by Saudi Arabia's government.Tokyo: SoftBank Group Corp has decided to
invest $60 billion-$100 billion in solar power generation in India, Japanese public broadcaster NHK reported on Friday
SoftBank and the Indian government are expected to reach a formal agreement soon after final arrangements are made, the report said without
naming its sources.The company is expected to make the investment through a fund backed by Saudi Arabia's government, NHK said
Saudi Arabia is the largest investor in SoftBank's Vision Fund, which raised over $93 billion last year.A SoftBank spokesman declined to
comment.In 2015 SoftBank pledged to invest $20 billion in Indian solar projects with a goal of generating 20 gigawatts (GW) of energy as the
majority partner in a joint venture with India's Bharti Enterprises and Taiwan's Foxconn.Last month SoftBank secured 200 megawatts of solar
capacity at an auction in the southwestern state of Karnataka
In April it teamed up with China's GCL System Integration Technology Co Ltd on a $930 million Indian solar energy venture.India has set a
target to achieve an operational solar power capacity of 100 GW by 2022, five times current levels, under Prime Minister Narendra Modi's
renewable energy strategy.SoftBank's Vision Fund has exposure to solar energy through its investment in the world's largest such project in
staff and is published from a syndicated feed.)
