January 9, 2020 / 4:14 AM / 10 days ago

SoftBank in talks to sell stake in Indian renewables venture - ET

BENGALURU, Jan 9 (Reuters) - SoftBank Group Corp is in talks to sell a majority stake in its renewables joint venture in India as it aims to raise cash amid global investment setbacks, India's Economic Times daily reported on Thursday.

The Japanese technology and investment giant has held talks with sovereign wealth and pension funds from the Far East and Gulf regions, besides some Silicon Valley technology giants, the ET reported here citing people in the know of the matter.

A representative for SoftBank in India did not immediately respond to an email request from Reuters for comment.

SoftBank is considering options ranging from an outright sale of its 70% stake in SBG Cleantech, a joint venture with Bharti Enterprises and Foxconn Technology Group, to a majority stake sale, the report said.

It is looking at a partner which can provide equity commitments of $1.5 billion to $2 billion to execute and complete a pipeline of 7 gigawatts of renewable projects around the world, the report added. (Reporting by Sachin Ravikumar; Editing by Arun Koyyur)

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