Soft Bank plans big for AP, to set up solar panel unit.

SoftBank recently indicated its interest to set up a solar panel manufacturing unit in Andhra Pradesh while making big investments in the renewable energy sector.

On the second day of Andhra Pradesh Chief Minister N Chandrababu Naidu’s tour of Japan, SoftBank, Mizuho Bank, METI and several other Japanese banking institutions and organisations made commitments to be part of AP development plans.

METI indicated its interest to pick up equity in capital development plan, according to a statement from the Chief Minister’s Office.

Mizuho Bank in a memorandum has assured to work with AP to facilitate investments from the Japanese companies. Mizuho Bank was called upon to set up its Indian headquarters in Amaravati.

Tatsufumi Sakai, Managing Executive Officer, Head of International Banking Unit, Mizuho Bank, the second largest bank in Japan, said it would encourage their clients to explore investment opportunities in Andhra Pradesh.

SoftBank has expressed its interest to set up 20GW solar power plant in AP under ‘Make in India’ initiative.

Masayoshi Son, Soft Bank founder and CEO, said Soft Bank will manufacture solar panels under the prestigious 'Make in India' initiative and set up their manufacturing unit in Andhra Pradesh. 'We are ready to set up a 20 GW solar power plant in your state,' he added.

Son said he would make a personal donation to the proposed 'Renewable Energy University' in Andhra Pradesh.

Yoichi Miyazawa, Ministry of Economy, Trade and Industry of Japan (METI), has expressed interest in equity participation in capital development and management and wanted to offer financial assistance for AP's metro rail project.

Several Japanese companies are ready to be partners in Andhra Pradesh’s capital construction, METI said.

The Chief Minister said he would request the Centre to route the investments for the metro.

On Srikakulam’s Power project, Miyazawa said they would seek New Energy and Industrial Technology Development Organization's (NEDO) participation, which will perform a feasibility report and assist Sumitomo Corporation.

The Chief Minister said Andhra Pradesh would serve as a gateway to South-East Asia and wanted AP to be a front runner as part of Japan's $35 billion-investment promise made to India under Comprehensive Economic Partnership Agreement.


HBL