China's Sany Group plans to invest $5 bn in India

China's construction equipment manufacturer Sany Group today expressed its intention to invest up to USD 5 billion (about Rs 33,000 crore) on renewable energy, construction equipment and housing sector in India.
The company has committed to Prime Minister Narendra Modi to develop 2,000 MW of renewable energy projects in India at an investment of USD 3 billion (about Rs 20,000 crore), which is expected to create 1,000 jobs over next five years.
"Sany will invest USD 5 billion in construction equipment, new & renewable energy and housing sector," Sany Group Chairman Liang Wengen told reporters here.
A company official said the group is working on plans to invest USD 2 billion in construction equipment and housing sector, subject to various approvals by the government.

The intention to invest USD 2 billion was expressed by Wengen during a meeting with Modi as well as Urban Development Minister Venkaiah Naidu earlier in the day.
Wengen headed a Chinese business delegation which called on Modi where the company handed over its green energy commitment. The delegation expressed its interest to invest in various sectors in India.

As per its plan, Sany Group will develop 2,000 mega watt of renewable energy projects with investments of USD 3 billion for the period 2016-20.
Besides generating 4.8 TWh (terawatt-hours) of green and clean power annually, these projects will generate 1,000 jobs and prevent carbon emissions of around 3.6 million tonnes per year, it added.

Sany will establish efficient technologies for offshore wind power generation.
It will bring in relevant expertise, operational excellence and global best practices for development of renewable energy in India, the statement said.
Commenting on the announcement, Wengen said, "This investment is a significant step in deepening Sany Group's 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."
Welcoming the investment, DIPP Secretary Amitabh Kant said the government will "fully support" Chinese companies through Invest India and provide them support in the form of hand-holding, facilitating, catalysing to ensure they have a very smooth entry into India.

"This is a commitment from Government of India. If Chinese companies walk two steps, we will walk four steps with you," Kant assured.
Highlighting the need for India and China to work together, Kant said: "Future of Chinese companies is not in China, where they have already excelled, their future is now in manufacturing in India.