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SoftBank nears deal with India on $60bn solar project

Japanese group's Vision Fund to provide partial backing

India intends to add 175 gigawatts of solar and other renewable energy capacity by 2022, as the country combats chronic electricity shortages.   © Reuters

TOKYO -- SoftBank Group looks to reach an agreement soon with India's government on building a solar power plant there, with part of the funding coming from the Japanese technology company's Saudi-backed Vision Fund.

Masayoshi Son, the group's founder and CEO, leads the negotiations with New Delhi. The project will cost $60 billion and include production of solar cells, local media report. SoftBank presented a plan that calls for creating 200,000 jobs in India by 2030.

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