Japan's Chubu Electric to fund Indian 'mini-grid' startup

Utility eyes OMC's skill in bringing power equipment to underdeveloped areas

India's demand for power has grown along with its economy, but rural areas remain off the electricity grid. © Reuters

TASUKU IKEDA, Nikkei staff writer

March 29, 2022 16:27 JST

TOKYO -- Japanese utility Chubu Electric Power is looking to invest in Indian startup OMC Power, which provides "mini-grids" to underdeveloped areas, Nikkei has learned.

Chubu Electric will take a stake topping 20% via a private share placement. An announcement of the deal, anticipated to be worth billions of yen (1 billion yen equals $8.18 million), is expected soon.