China-based anchor investor Sunpa Group of Companies is to invest in solar power generation and panel manufacturing in the Indian state of Karnataka.
Sunpa will also invest US$1 billion in a proposed industrial park in the state.
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Ratna Prabha, additional chief secretary of the Karnataka government, agreed “in principle” to devote 40 hectares of land in Vasanthnarasapura through the Karnataka Industrial Areas Development Board (KIADB) for the Chinese Industrial Park.
Liu Le, director, Yunnan Sunpa Group of Companies said Sunpa would also make investments in Karnataka for various sectors including tele-medicine, manufacturing of medical equipment and accessories, and technology research.
The Governor of Yunnan Province visited Bangalore in May 2014 and expressed interest in investments in Karnataka by industries from Yunnan Province.
A Federation of Karnataka Chambers of Commerce & Industry (FKCCI) team including the president and vice-president of FKCCI also visited Yunnan Province twice during the past few months to attract investments.
As a result, a high level Chinese Delegation visited senior officials of FKCCI in Karnataka yesterday.
In another recent high level foreign investment, Japanese telecoms provider-turned solar developer Softbank announced a US$20 billion investment in renewable energy in India, which was cited as a “game changer” for India’s solar ambitions.