Indian Economy News

Essel Group enters partnership with German firms

  • Livemint" target="_blank">Livemint
  • April 20, 2015

New Delhi: Essel Group, which has business interests in media, entertainment, packaging, infrastructure and technology, among others, on Friday said it entered into a partnership with three German firms for technology transfer in areas including wind and solar energy.

With the agreements, the group, which holds significant interest in developing smart cities in India, aims to boost its solar, wind energy and waste water management projects in India.

The agreement for technology transfer was signed at the Hannover industrial fair with FeCon GmbH, a subsidiary company of Wind and Sun Technology GmbH, to develop 12,500 MW of solar and 4,000 MW of wind energy projects in India, as well as Passavant Energy and Environment (PE&E) GmbH for waste-water treatment projects in India.

Essel Group also signed a letter of intent with Schneider GmbH & Co. KG to develop smart city projects in India.

In last year’s budget, the National Democratic Alliance (NDA) government spelled out a plan to create 100 smart cities with better technology, superior management and modern governance.

In January, Essel Group submitted a so-called letter of intent to the government of West Bengal to develop two smart cities and a series of infrastructural and urban development projects for the state, worth Rs.10,000 crore. It had already committed to invest Rs.7,500 crore towards developing five major cities in Madhya Pradesh into smart cities and is evaluating development projects in infrastructure utilities worth Rs.50,000 crore.

So far, Essel Group has invested Rs.5,000 crore on similar projects in Madhya Pradesh.

Disclaimer: This information has been collected through secondary research and IBEF is not responsible for any errors in the same.