SoftBank sister firm to invest $4 bn in Gujarat's renewable energy sector

SB Energy, a sister company of Soft Bank of Japan, has announced that it will invest USD 4 billion or Rs 30,000 crore in renewable energy sector in Gujarat, a state government release said on Friday.

The announcement was made at a meeting between chief minister Vijay Rupani and Executive Chairman of SB Energy Manoj Kohli.

The investment will be in solar energy, wind energy and other unconventional renewable energy sources, it said.

The present installed capacity of renewable energy in Gujarat is 8,885 MW and the state government aims to ramp it up to 30,000 MW by 2022.

"Of this 30,000 MW, 20,000 MW will be used in the state while another 10,000 MW will be given to other states. SB Energy's announcement of investing 4 billion US dollars will go a long way in achieving the target," the release said.

Rupani, on Friday, also inaugurated a Global Business Services Centre of Bank of America at Gujarat International Finance Tec-City (Gift-City) in Gandhinagar.

Chief Operations and Technology Officer of Bank of America, Catherine Bessant, said it started its operations in India in 2004, and this was its fifth unit after Hyderabad, Mumbai, Guragaon and Chennai.