China’s Sany Group plans to invest $3bn in India

China-based Sany Group is intending to invest close to $5bn in the Indian renewable energy industry.

The investment is in line with Indian Prime Minister Narendra Modi’s vision to generate 175GW of renewable energy in the country by 2022.

Indian Ministry of Commerce & Industry Department of Industrial Policy and Promotion Secretary Amitabh Kant 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.

"This initiative is yet another step towards the ‘Make in India’ drive launched by our Prime Minister."

Out of the proposed investment, approximately $3bn will be used to install 2,000MW of capacity between 2016 and 2020, which is expected to create 1000 jobs.

The remaining $2bn will be invested in solar power and equipment. Sany will also install off-shore wind power generation technologies.

Sany Group chairman Liang Wengen said: "This investment is a significant step in deepening Sany Group’s presence and commitment to India. Green energy industry in India is growing and we see this as a huge opportunity to introduce our wind energy business in the country.

"We have invested in a potential market like India, and are excited about the future growth & potential for future investment. We believe that the agreement signing with Indian new energy enterprise will boost the mutual cooperation to a new height."