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The Essel Group has entered into a joint venture (JV) agreement with J A Solar, China’s leading solar energy firm, to launch a solar cell and module manufacturing company in India.
The agreement for setting up the JV with 50:50 partnership and equity arrangement was signed between Essel Infraproject, the flagship infrastructure arm of the Essel Group and J A Solar.
Essel Group was in Shanghai as a part of Prime Minister Narendra Modi’s delegation to China, to forge strategic partnerships for building integrated, inclusive, innovative and sustainable smart cities in India.
The JV will set up a manufacturing facility in India with an estimated capital expenditure of $150 million (approximately Rs 950 crore) out of which $30-45 million (Rs 190 to Rs 285 crore) will be by means of equity funding. It will focus on photo voltaic (PV) technology to manufacture solar cells, panels and modules in India. The facility is expected to generate 500 Mw of power per annum.
The Essel group is amongst the front runner in developing one of India’s largest Solar Plants in the state of Tamil Nadu.
The joint venture is expected to boost Essel’s on-going projects for renewable energy. Through this venture Essel will bring a range of global renewable energy solutions to India for use in a wide array of residential, commercial and mass utility based applications. The company is committed to develop and provide clean and renewable energy to overcome the deficit and pave the way towards a better environment for human kind.
