A London based Indian family who had business interests across metals and renewable energy has now invested in a Multi-billion-pound tidal lagoon power project. The family who goes by the name 'Gupta' has done it.
Gupta family's SIMEC division has acquired a substantial stake in the UK's Tidal Lagoon Plc, a holding company established by Tidal Lagoon Power Ltd, to finance the development of full-scale tidal lagoons in the UK and India.
Sanjeev Gupta who is the chief executive of SIMEC's sister group firm said, "We are so happy and pleased to invest in this ambitious and innovative enterprise that promises to provide low-carbon, base load energy and provide a high value supply chain which will generate millions of jobs.
We are expanding our group internationally on various fronts and renewable energy is right at the heart of that expansion." It has to be noted that last month, India had a tie up with United Kingdom in the International Energy Agency's Ocean Energy Systems intergovernmental collaboration programme.
