China Group to invest $3 billion in India

INVsanyThe Sany Group, a Chinese construction equipment manufacturer has said it will invest $3 billion to develop 2,000 mega watts of renewable energy projects in India.

The group announced the signing and handover of a Green Energy Commitment to Prime Minister Narendra Modi, to develop the projects during the period 2016-20.

Besides generating the Green clean power annually, the projects will generate 1000 jobs and prevent carbon emissions of around 3.6 million tonnes per year. Sany will also establish technologies for offshore wind power generation.

Sany Group Chairman Liang Wengen presented the Green Energy Commitment to Prime Minister Modi and said the investment is a significant step in deepening the Group’s presence and commitment to India.

Department of Industrial Policy and Promotion Secretary Amitabh Kant said they are keen on seeing China invest in India, especially in the manufacturing sector, and this is another step towards the ‘Make in India’ drive by P Modi.

Sany Group had entered the Indian market in 2002 and set up a manufacturing plant in Chakan, Pune in 2009. Sany India is the Sany Group’s largest set-up outside of China.