New Delhi: Diversified company Aditya Birla Nuvo (ABNL) will make a foray into solar power business and would participate in auction of such projects in Telangana.
The development follows company's board approving a proposal to participate in solar power projects.
The company in a filing to the BSE said that its board today approved "participation by the company in the bidding process" of the upcoming central, state or private power projects.
"To begin with, the board has also approved participation in the upcoming bidding process for solar power projects in the state of Telangana," the filing said.
It said the decision to make a foray into solar power business was taken in view of the "renewed focus of the Indian Government on clean energy and in line with the vision of the company to invest in the promising sectors."
The board has approved formation of special purpose vehicles (SPV) or subsidiaries by the company and will evaluate induction of investors, if required, in such entities, the filing said.
The Aditya Birla Group company ABNL is into financial services, telecom, fashion and lifestyle, and manufacturing businesses.
Shares of the company closed marginally down at Rs 1,881.50 apiece on BSE today.
The government, which is targeting 100 gigawatts of solar power by 2022, plans to soon invite bids for its first dollar-linked solar power plants seeking to cut costs and woo investments.
State-owned NTPC will this month award the tenders for 500-1,000 megawatts projects wherein rupee equivalent of the dollar tariff determined by the bidding will be paid.
India currently has 4.1 gigawatts of solar generated power.
