Softbank is in talks with potential investors as it seeks to bring on board a partner in SBG Cleantech, its high-profile renewables joint venture in India, reported the Economic Times. The decision is part of the Masayoshi Sen-led behemoth’s ongoing review to increase liquidity, the report added.

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Softbank has been holding discussions with sovereign funds from the Far East and the Gulf as well as Silicon Valley-based firms for potential investment, according to the ET report. Some of the Asian ventures in talks have an existing relationship with the Softbank Vision Fund.

The Japanese behemoth holds a 70 percent stake in SBG Cleantech and has been exploring options ranging from outright sale to a majority stake sale. Softbank wants investors who can provide equity commitments of $1.5-$2 billion and are capable of completing 7GW worth of renewable projects across the globe, the report added. Analysts estimate Softbank’s investment in the clean energy venture stands at about $500-$600 million.

“After Abu Dhabi Investment Authority (ADIA), Singapore’s GIC or the Canadian pension funds such as CPPIB and CDPQ, several of their peers from around the world like Mubadala are exploring the India clean tech space in a big way,” the ET report cited one of the officials directly involved in the ongoing negotiations as saying. “Many of them have relationships with the larger SoftBank Group or the Vision Fund and do not want to miss out.”

A Softbank spokesperson declined to comment on ET’s query on the development.

First Published:Jan 9, 2020 9:24 AM IST