Known as SBG Cleantech, the new joint venture will invest and develop 20GW of solar and wind power projects aimed at improving clean and safe energy output in the country.
SoftBank chairman and CEO Masayoshi Son said: "With this partnership, our goal is to create a market-leading ?clean energy company, to fuel India’s growth with clean and renewable sources of energy."
The decision comes in line with the Indian Government’s plan to have solar and wind installed capacity of 100GW and 60GW respectively by 2022.
The Delhi-based JV will initially participate in the 2015-16 round solar power plants tenders as part of the National Solar Mission (NSM) program and state-specific solar programs.
Bharti Enterprises chairman Sunil Bharti Mittal said: "This project will immensely contribute to the Prime Minister’s vision of meeting the country’s energy demands through clean sources.
"Just as mobile phones have connected every Indian, renewable power has the potential to provide every Indian with access to electricity, SBG Cleantech underlines our commitment to India’s growth plans not only by eliminating energy deficit but also providing clean environment to the future generations of India."
SoftBank will own majority stake in SBG Cleantech, while Bharti and Foxconn will hold minority interest.
Bharti veteran, Manoj Kohli will serve as SBG Cleantech’s executive chairman, while Raman Nanda has been named as its CEO.
