Sumitomo pledges USD 1.3 bn in India-

Japan’s Sumitomo Corp. will invest USD 1.3 bn into India’s renewable-energy buildout via its JV with New Delhi-based Amp Energy, targeting 2 GW of capacity by FY 2028, Nikkei Asia reports.

The investment, among Sumitomo’s largest in India’s green sector, positions the Japanese trading house to capture soaring demand from industrial and commercial consumers, a segment it expects to expand from 12 GW in 2023 to 100 GW by 2030.

Tata Power to invest USD 780 mn in solar manufacturing-

Mumbai-based power producer Tata Power plans to finalize a 10-GW solar wafer and ingot manufacturing project by January next year, involving an investment of about INR 65 bn (USD 780 mn), Economic Times reports, citing CEO and Managing Director Praveer Sinha.

Scheme to boost domestic manufacturing of rare earth magnets-

The Indian government has approved a scheme to promote domestic manufacturing of sintered rare earth magnets with an outlay of USD 810 mn (INR 72.8 bn), aiming to address India’s near-total dependence on China for the critical components used in EVs, aerospace, and clean energy, as per a press release.

  • India Accelerator, an India-based startup support ecosystem, has launched an INR 1.3 bn (USD 15 mn) fund backed by Saudi Arabia’s National Technology Development Program, Economic Times reports. The fund aims to support Indian startups scaling into Saudi Arabia in sectors including AI, sustainability, electric mobility, and deep tech.
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