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Aditya Birla & Dubai firm in solar synergy.

Indian conglomerate and Abraaj Group to build and operate solar power plants in the country

K UMAR Mangalam Birlaled Aditya Birla Group has entered into a partnership with Dubai- based private equity firm Abraaj Group for jointly investing in building and operating solar power plants in India. While the Aditya Birla Group will hold 51- per cent stake in the venture, Abraaj will have the remaining share.

The Aditya Birla Group, a $ 41- billion conglomerate, will invest in the joint venture through Aditya Birla Nuvo Limited ( ABNL) and Abraaj will through one of its affiliates, the company said in a statement in New Delhi on Wednesday.

Aditya Birla Renewables Limited, the solar power platform, will bid for projects tendered at national and state auctions with the intent to develop and operate utility- scale solar power plants that can provide clean and cost- effective electricity to the national grids across several key state in India, according to a company statement.

ABNL has entered into a definitive share subscription and shareholders agreement ( SSA) with an

affiliate of Abraaj. In accordance with the agreement, ABNL and the Abraaj affiliate will hold 51 per cent and 49 per cent of the paidup share capital respectively in Aditya Birla Renewables Limited, currently a wholly- owned subsidiary of ABNL, the statement said.

Dev Bhattacharya, business head, group corporate strategy, solar power and ecommerce, Aditya Birla Group, said, " The Aditya Birla Group supports the Government of India's initiative for a greater share of renewables in the energy mix, essential for sustained economic and industrial growth." Sev Vettivetpillai, partner and global head, thematic funds business, Abraaj, said, " At Abraaj, we see significant opportunity in India, one of the world's biggest The Aditya Birla Group will hold 51- per cent stake in the joint venture

energy consumption markets." The partnership comes at a time when the government is laying renewed emphasis on the renewable energy sector. Mustafa Abdel- Wadood, partner and global head of Abraaj's regional funds business, said that the renewable energy sector in India offers vast potential for growth and can play a transformative role in reducing dependence on fossil fuels and enhancing India's long- term energy security.

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Publication:Mail Today (New Delhi, India)
Date:Oct 8, 2015
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