Indore-based green consultancy EKI Energy Services will float a joint venture with oil major Royal Dutch Shell that will invest $1.6 billion over a five-year period to provide “nature-based solutions” to industries in India, people familiar with the matter said.
The joint venture will target production of 115 million carbon credits in five years, as part of Shell’s plan to expand in India’s renewables space, these people told ET.
EKI Energy will hold 51% in the joint venture, while Shell will own the remaining 49%.
The companies did not comment on the development. A formal announcement is likely to be made this week.
