SoftBank ties up with China’s GCL for $930 million India solar venture

Japanese firm Softbank has signed an agreement with China’s Golden Concord Group Limited (GCL) to set up a JV firm in India at an investment of $930 million. The venture will manufacture and sell solar equipment in the country. GCL will hold a 40 per cent stake in the JV, while the remaining will be held by SoftBank. Under the agreement, GCL will be responsible for providing the technology and Softbank will assist in obtaining land and regulatory approvals. The venture is planned to achieve a capacity of 4 GW.