Bucking the trend: Rattan India's solar power plans in sunset mode

The former IndiaBulls power firm to focus on thermal power

If coal-based electricity has a bleak future because renewables are rapidly replacing it and companies are pulling away from it, then RattanIndia’s exit from solar power generation earlier this month is counter-intuitive. A decade ago, its promoter Rajiv Rattan had co-founded IndiaBulls, an online stock broking company that branched out into real estate and power. In 2014, however, Rattan moved out to float his own group with the power and infrastructure businesses that now has a non-banking finance company (NBFC) licence.
 

For much of the past few years, the group’s power business has been struggling with its two thermal plants