According to reports, Vallabh Bhanshali, a storied investment banker who introduced Infosys to the capital markets, has made a unobtrusive but ambitious entry into solar power with plans to invest Rs 1,700 crore in setting up generation capacity of 100 megawatt.
In 2010, Bhanshali sold the investment banking and brokerage arms of Enam, a domestic financial services firm, to Axis Bank for Rs 2,700 crore and the foray into solar power is the first significant diversification since then, after scrapping plans to raise a Rs 3,500 crore infrastructure fund.
India’s aim to scale up its solar power generation capacity to 20,000 mw by 2020 from around 250 mw now has encouraged power utilities like Tata Power Company, Reliance Power, GMR Energy and Adani Power to expand into renewable energy. The sector has also attracted foreign companies.
Talma Chemical Industries, promoted by the Bhanshali family, has launched an SPV called Visual Percept Solar Projects, to develop projects based on photovoltaic technology. The solar business is being spearheaded by Vallabh Bhanshali’s nephew, Akash Bhanshali. “When we decided to get into asset-based investment business, we found that renewable energy segment, particularly solar energy, provides good opportunity,” Vishal Kedia, director, Visual Percept Solar Projects Private, told ET.