Bhansali’s Talma Chemical to Invest in Solar Projects, Economic Times Says

Talma Chemical Industries Pvt., a company founded by the family of Indian investment banker Vallabh Bhansali, plans to invest 17 billion rupees ($329 million) in solar projects, the Economic Times reported.

Visual Percept Solar Projects Pvt., which is headed by Bhansali’s nephew Akash Bhansali, plans to build 100 megawatts of solar photovoltaic plants, the report said, citing Vishal Kedia, a director of the Talma Chemical unit.

Vallabh Bhansali co-founded Enam Securities Pvt., which was bought by Axis Bank Ltd. in November 2010.

Visual Percept is spending 3.3 billion rupees to set up a 25-megawatt solar plant in Gujarat state, ICRA Ltd., the India unit of Moody’s Investors Service, said in a report in August, when it assigned 2.31 billion rupees of the company’s debt a rating of BB+.

To contact the reporter on this story: Natalie Obiko Pearson in Mumbai at npearson7@bloomberg.net

To contact the editor responsible for this story: Reed Landberg at landberg@bloomberg.net

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