Indian conglomerate Adani is negotiating with Japan's Softbank and Taiwan-based Foxconn Technology, to build a solar cells and panels manufacturing facility in India with an investment of $3bn.


Sources familiar with the matter were quoted by Reuters as saying that the facility may be built in the state of Gujarat, and would produce 3GW solar products.

A source said: "(Adani) are talking to Softbank, they are talking to Foxconn. They may partner with both of them.

"Something will be finalized in the coming few months."

The company has started purchasing equipment for the project’s first phase, which is planned to be completed by 2018.

Adani is expected to complete work on the solar products facility by 2020.

The Indian Government is seeking to attract investments in clean energy segment, which is expected to unlock business opportunities worth $160bn by the end of the decade.

The country intends to have solar and wind installed capacity of 100GW and 60GW, respectively by 2022.

In June, SoftBank, Foxconn and India-based Bharti Enterprises have agreed to set up a $20bn joint venture (JV), to build 20GW renewable projects in the country.

Earlier this year, Adani teamed up with SunEdison to develop $4bn solar photovoltaic (PV) manufacturing facility in Gujarat.

Image: Adani’s proposed facility could produce 3GW solar products. Photo: courtesy of Naypong /