Oct. 5 (Bloomberg) -- The Aditya Birla Group plans to invest $1 billion in the next five years to develop solar power projects in India, the Economic Times newspaper reported citing Dev Bhattacharya, head of strategy.
The group, which runs businesses from cement to telecommunications, has so far invested 2 billion rupees ($39 million) to develop 20 megawatts of solar capacity and targets having 100 megawatts in 18 months, according to the report.
Aditya Birla Group acquired a minority stake in a photovoltaic plant in Gujarat state controlled by Electrotherm India Ltd., according to the report.
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