Sany Group, a global manufacturing company of construction equipment, announced it is investing USD 3 Billion (Rs. 20,000 Crores) in renewable energy in India.
In line with the Prime Minister’s Make in India initiative, Sany Group will use the funds for the development of 2000 MW of renewable energy projects for the period 2016-20.
Besides generating 4.8 TWh of green and clean power annually these projects will generate 1000 Jobs and prevent carbon emissions of around 3.6 million tons per year.
Sany Group chairman Liang Wengen presented the Green Energy Commitment to Prime Minister Narendra Modi.
Sany will establish efficient technologies for off-shore wind power generation. The company will bring its expertise, operational excellence and global best practices for development of Renewable Energy in India.
Sany Group entered India market in 2002 and established a manufacturing plant in 2009 in Chakan, Pune. Currently, the company employs about 30000 people globally and 269 people across India.
In India, the company operates in Excavator, Cranes, Concrete Machinery, Port Machinery, Road and Renewable Energy businesses.
Commenting on the announcement, Wengen said, “We have invested in a potential market like India, and are excited about the future growth and potential for future investment. We believe that the agreement signing with Indian new energy enterprise will boost the mutual cooperation to a new height.”
Amitabh Kant, secretary, Department of Industrial Policy and Promotion (DIPP), Ministry of Commerce & Industry, Government of India, said, “We are keen on seeing China investing more in India, especially in the manufacturing sector and partnering with India to make India a world class manufacturing base for production.”