PM Narendra Modi’s ‘Make in India’ project is slowly but surely bringing in the desired results. The China based Sany Group and Chint Group announced their intention to invest in India’s renewable power sector.
Sources having knowledge of the matter revealed that the combined investment from the Chinese companies will be $5 billion.
Sany, which makes construction equipment, will invest $3 billion while Chint, manufacturer of industrial equipment and energy, will pump in $2 billion. Both investments will give a boost to the production of renewable energy and result in creation of jobs.
“This investment is a significant step in deepening our presence and commitment to India. Green energy industry in India is growing and we see this as a huge opportunity to introduce our wind energy business in the country.” said Sany Group chairman Kiang Wengen.
Sany’s project will produce 4.8 terra-watthours (TWh) of green and clean power per annum and will further Indian Prime Minister’s goal of setting up 175 gigawatts of green energy capacity. Modi’s ambitious plan require close to $200 billion of investment.
Sany is already carrying out business operations in India. Its Pune plant was made operational in 2002 and currently employs 269 people.
DIPP Secretary Amitabh Kant hailed the decision of the Chinese companies to invest money in India and promised full government support to them.
