Metals and mining multinational Vedanta Group is planning to enter the solar segment in India by bidding for some 500 MW of government projects, The Economic Times said Thursday, citing people familiar with the matter.
At first, the company was looking into the possibility of acquiring already operational photovoltaic (PV) assets. Later it decided that it is capable of constructing its own plants, which will use more advanced technologies and, at the same time, cost less, the unnamed sources were cited as saying.
London-based diversified metals and mining company Vedanta Resources Plc’s infrastructure business director, Pratik Agarwal, is the one in charge of the planned solar foray. He has been working on the plan for over a year, according to the report.
Vedanta is yet another conglomerate to be tempted by the business opportunities which the Indian solar industry provides. The country has set an ambitious target to lift its installed PV capacity to 100 GW by 2022.