Reliance Industries (RIL) and Bhel are in talks to form a joint venture (JV) for setting up solar fab units. The development comes close on the heels of the Mukesh Ambani Group company’s plan to invest over Rs 30,000 crore in the chip manufacturing business. While RIL is scouting for partners for setting up two fab units, Bhel is looking for a strategic partner to venture into equipment manufacturing for solar power.
“We have received a communication from the Prime Minister’s Office (PMO) in this regard and may go in for a JV with Reliance Industries,” Bhel chairman and managing director K Ravi Kumar told ET. When contacted, an RIL spokesperson said the company is still evaluating options for the solar fab units. “We will make an announcement once we finalise plans,” said the official.
The proposed JV is likely to venture into manufacturing of other small and medium equipment for solar power apart from the solar photo voltaic (SPV) cells. The JV would also look for small and mid-sized acquisitions in the international market for solar power, a source in the PMO said.
The partners-in-waiting have not finalised the financial and technical details for the proposed JV and would firm up the plans in the next couple of months. The JV company would be eligible for capital subsidies and tax concessions for the solar fab units, a cost of Rs 11,631 crore.
The solar fab unit is proposed to be set up at
Monday, April 7, 2008
RIL, Bhel consider JV for solar fab units
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