SoftBank in talks to sell stake in India renewables venture: report

[BENGALURU] 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 (ET) 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, 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 per cent 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 US$1.5 billion to US$2 billion to execute and complete a pipeline of seven gigawatts of renewable projects around the world, the report added.

REUTERS