Aditya Birla Nuvo to foray into solar power biz

Financial Chronicle
10 July 2015

Diversified company Aditya Birla Nuvo (ABNL) will make a foray into solar power business and would participate in auction of such projects in Telangana.

The development follows company's board approving a proposal to participate in solar power projects.

The company in a filing to the BSE said that its board today approved "participation by the company in the bidding process" of the upcoming central, state or private power projects.

It said the decision to make a foray into solar power business was taken in view of the "renewed focus of the Indian Government on clean energy and in line with the vision of the company to invest in the promising sectors."

The board has approved formation of special purpose vehicles (SPV) or subsidiaries by the company.

— Press Trust of India