NEW DELHI: Indian companies will invest about $2 billion in the US to boost renewable energy and clean mobility supply chains, attracted by incentives under the Biden Administration’s Inflation Reduction Act that reduces costs to boost renewable energy.
The investment plans coincide with prime minister Narendra Modi’s State visit to the US and the prospects for bilateral business improving with both sides agreeing to sort out trade disputes.
The biggest investment plan of $1.5 billion in solar module manufacturing came from VSK Energy, a joint venture of Kolkata-based solar panel maker Vikram Solar and New York-based sustainability-focused private equity firms Phalanx Impact Partners and Das & Co.
VSK will start with with a manufacturing unit in Brighton, Colorado by next year and set up another unit for making ingots, wafers and cells that go into making of a solar module.
Mumbai-based Epsilon Carbon Ltd, which produces coal tar derivatives and carbon black used for making tyres etc., announced a $650 million greenfield factory for making electric vehicle battery component.
Sajjan Jindal-led JSW Steel plans to invest $120 million at its Mingo Junction, Ohio, steel plant to “better serve growing markets in the renewable energy and infrastructure sectors”.
All these investments will leverage Indian expertise in manufacturing solar or battery components to strengthen the supply chain to challenge China’s hold on the sector.
The investment plans coincide with prime minister Narendra Modi’s State visit to the US and the prospects for bilateral business improving with both sides agreeing to sort out trade disputes.
The biggest investment plan of $1.5 billion in solar module manufacturing came from VSK Energy, a joint venture of Kolkata-based solar panel maker Vikram Solar and New York-based sustainability-focused private equity firms Phalanx Impact Partners and Das & Co.
VSK will start with with a manufacturing unit in Brighton, Colorado by next year and set up another unit for making ingots, wafers and cells that go into making of a solar module.
Mumbai-based Epsilon Carbon Ltd, which produces coal tar derivatives and carbon black used for making tyres etc., announced a $650 million greenfield factory for making electric vehicle battery component.
Sajjan Jindal-led JSW Steel plans to invest $120 million at its Mingo Junction, Ohio, steel plant to “better serve growing markets in the renewable energy and infrastructure sectors”.
All these investments will leverage Indian expertise in manufacturing solar or battery components to strengthen the supply chain to challenge China’s hold on the sector.