Cheap funding, govt sops power Indian firms' big bets on renewable energy

India is heavily dependent on imports, and local manufacturing capacities are inadequate. Several Indian companies are planning to plug this loophole

As the world gets ready for the 26th meeting of the Confer­ence of the Parties (COP26) under the aegis of the United Nations in Glasgow to discuss climate change, large Indian companies are increasingly investing billions of dollars in renewable energy (RE) and slowly shedding their old fossil fuel-dependent businesses.
 
In the last few weeks, Indian conglomerates led by Reliance Industries, the Adani group, Tata Power and ArcelorMittal have announced mega-plans in renewable energy. It’s not only the private conglomerates, but also government-owned NTPC and Goldman Sachs-backed ReNew Power that are pouring billions in the Great Indian Renewable Energy