Avaada plans Rs 1 lakh crore investment over five years

Avaada Group plans to invest Rs 1 lakh crore across India over the next five years as it expands its presence in power generation and related businesses. Chairman Vineet Mittal said the group’s solar manufacturing arm has submitted documents to the regulator for its first public share sale.

The group employs about 6000 people and intends to add 10000 more in the next three years as new projects come online. 

Last month, Avaada Electro, the Brookfield backed solar manufacturing subsidiary, filed confidential papers with the Securities and Exchange Board of India to raise between Rs 90 billion and Rs 100 billion through an initial public offering.