World Bank's arm International Finance Corp will invest $10 million in renewable power company Azure Power to help implement new megawatt scale grid-connected solar plants across India
In the first-ever investment of its kind by World Bank's arm International Finance Corp (IFC), the agency will invest $10 million (around Rs46 crore) in renewable power company Azure Power to help set up solar plants to generate electricity for Indian villages, reports PTI.
"IFC, a member of the World Bank Group, will provide a $10-million equity investment to an independent solar power company, Azure Power Pvt Ltd, to help implement new megawatt scale grid-connected solar plants to bolster clean energy output," IFC said in a release.
IFC further said that it is the first solar project under the lending agency's new clean technology investment programme.
"Once fully operational, the project will expand capacity to produce over 20,000 megawatt hours of clean energy annually to reach hundred villages in several Indian states, and more than 10,000 tonnes of carbon dioxide emissions will be avoided annually," it added.
Helion Venture Partners and Foundation Capital, leading venture capital investors in clean technology companies, also funded Azure's solar power initiative in September 2008.
"The support from IFC, Helion, and Foundation Capital is recognition of the potential of megawatt scale solar power generation in India," Azure Power's chief executive officer Inderpreet S Wadhwa said.
The appointment of expats in the automobile space has increased nearly three-fold. In technology centres of banking and financial services companies, hiring has increased by five to six times
There has been an upsurge in hiring of non-resident Indians and expats by companies in the country in the past two years, thanks to improved infrastructure and competitive compensation levels, experts say.
"In last two years, most of the companies are hiring non-resident Indians (NRIs) and expats because there is an increase in demand for such skilled professionals," executive search firm GlobalHunt India director Sunil Goel told PTI.
Echoing a similar opinion, executive search firm EMA Partners International's managing partner for India K Sudarshan said, "Over the last few years, expats are more than happy to come to India largely because of the fact that Indian companies are globalising, people now want to be part of the India growth story and the compensation level is very competitive."
Elaborating on the reason behind the surge, Mr Goel said, "Of late, infrastructure in India has improved a lot. Compensation levels have become competitive as per the cost of living; good availability of healthcare and education services are attracting most NRIs to look back at opportunities in their own country."
Besides, the slow recovery of Western markets has forced a large pool of NRIs and expats to look for opportunities outside and here India tops the list. Any positive movement towards global recovery will give a boost to a company's operating earnings from India, Mr Goel added.
According to GlobalHunt India, those segments which registered the maximum number of expats hiring include banking and financial services, automobile, infrastructure, pharma and retail.
The appointment of expats in the automobile space has increased nearly three-fold, while, in technology centres of banking and financial services companies, hiring has increased by five to six times.