China’s largest solar equipment maker GCL-Poly Energy Holdings Ltd plans to invest in India, attracted by the nation’s emerging green economy.
As part of its India entry plan, GCL-Poly Energy Holdings Ltd is in talks with Subhash Chandra’s Essel Group to set up a solar module manufacturing facility. The Hong Kong-listed firm, which acquired bankrupt SunEdison’s solar material business last year, also plans to develop solar power projects in India.
“GCL-Poly plans to set up a solar power project platform in India. They are also in talks with Essel Group for setting up a module manufacturing facility. It makes sense as one would be able to control costs,” a person aware of the matter said on condition of anonymity.
India is working on a plan to make local manufacturing of solar power generation equipment competitive, attracting foreign investments.