SoftBank Targets India for Solar Projects in Partnership with Bharti

Hiruki Nakamura
23 Jun, 2015
New York City

Nikkei and Topix soared nearly 2% and the yen eased on the hopes that Greece and European lenders are nearing a compromise and avoid a debt default in the euro zone. SoftBank formed a joint venture with India-based Bharti Enterprises to bid for solar power projects.

[R]4:30 PM Tokyo – Nikkei and Topix soared nearly 2% and the yen eased on the hopes that Greece and European lenders are nearing a compromise and avoid a debt default in the euro zone. SoftBank formed a joint venture with India-based Bharti Enterprises to bid for solar power projects.[/R]

Nikkei and Topix jumped nearly 2% following a surge in international markets on the hopes that Greece and European lenders are nearing a compromise and avoid a debt default in the euro zone.

The Nikkei 225 Stock Average jumped 381.23 or 1.9% to 20,809.42 and the broader Topix index gained 27.79 to 1,676.40.

The yen closed at 123.64 against a dollar.

Stocks in Review

Dai Nippon Printing Co., Ltd rose 1.8% to 1,308 yen after the Nikkei news reported printing company plans to invest 100 billion yen from its cash reserves in next five years to improve return on equity to 5% by the year ending March 2018.

Itochu Corporation increased 1.5% to 1,670.50 yen after the trading company plans to sell 25% stake in Samson Resources Corp. to exit from its $1 billion investment in the U.S. shale energy exploration on.

Softbank Corporation gained 1.5% to 7,425 yen after the mobile services provider together with India-based Bharti Enterprises Pvt Ltd and Taiwan-based Foxconn Technology Group plans to invest about $20 billion in solar projects in India.

SBG Cleantech, the joint venture will be majority controlled by SoftBank and Bharti and Foxconn will take minority stake under certain conditions.

India is ramping up its solar and wind power output by five-fold in the next seven years as local governments assign new power projects across the nation.