Global conglomerate firm Hinduja Group intends to spend INR60bn ($964m) for 1,000MW of solar power generation in India, to be done via joint ventures.
The London based firm plans to invest $10bn for power and infrastructure developments in India, a major part of which has been allocated for solar energy projects.
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Hinduja Group of Companies co-chairman Gopichand P Hinduja was quoted by The Financial Express as saying: "We have shortlisted two companies, and now we will have to select one (for the JV).
"The states and land parcels for the project have been identified."
The group will own a majority stake of 51% or more in the proposed joint venture, it said.
The firm, however, has not revealed names of the companies which are being considered for the JV.
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By GlobalDataThe proposed projects are expected to be built in the states of Gujarat, Rajasthan and Andhra Pradesh in the country.
Hinduja is likely to commission the solar development within six to eight months, reports the financial daily.
The firm wants to explore only short-gestation greenfield opportunities in India.
12% of its current annual turnover comes through India, which the company intends to double up to almost 25%.
In search of growth opportunities in the country, the group had been trying to develop a 1,040MW solar facility in Andhra Pradesh.
The project had been awaiting approvals and clearances and survived a cyclone in the state, which resulted in a 17 year delay.
The 520MW first phase of the project is, however, nearing completion and is likely to start operations by June this year. The second phase is also expected to be commissioned by August 2015.
