Adani in talks with SoftBank, Foxconn to raise $3 billion.

The Adani Group is in talks with Japan’s SoftBank and Foxconn, the maker of Apple's iPhone, to secure investment in a $3-billion project to make solar cells and panels in the country, two sources with knowledge of the matter said.

The Narendra Modi government expects clean energy to yield business worth $160 billion in India in the next five years, based on the country’s power generation targets.

SoftBank, Foxconn and Bharti Enterprises have already pledged to invest about $20 billion in solar projects in India. A new deal with Adani, one of the country's largest conglomerates, would boost Modi’s efforts to promote manufacturing in India.

“(Adani) are talking to Softbank, they are talking to Foxconn. They may partner with both of them,” a source said.

HBL