Tata, Tchenguiz in talks on $10 bn environment fund1 min read . Updated: 08 Jun 2008, 01:13 PM IST
Tata, Tchenguiz in talks on $10 bn environment fund
London: UK-based property magnet and billionaire clean-energy investor Vincent Tchenguiz is holding talks with the Tata group, to invite investment from the latter in a new $10 billion environment fund.
The fund would invest in clean-energy projects in India and develop alternative technologies to replace fossil fuels.
Tata, which owns steel maker Corus and Jaguar Land Rover in the UK and is also India’s largest car maker, wants access to technology that will make its businesses more energy-efficient.
Iran-born Tchenguiz is also talking to other potential investors about the proposed fund and other similar ventures, which if implemented will deploy the technologies developed by his alternative-energy companies, UK’s Observer newspaper claimed.
Tchenguiz is also planning to tap the $20 billion worth of ‘offsets´ generated each year globally, the report said. Individuals, companies and governments purchase carbon offsets to mitigate their own greenhouse emissions in the global offset market, creating a wealth of opportunity for tech companies to leverage.