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ReutersFILE PHOTO: People walk to Brookfield Place off Bay Street on the day of the annual general meeting for Brookfield Asset Management shareholders in Toronto, May 7, 2014. New Delhi: Brookfield Asset Management is planning to invest $12 billion in Andhra Pradesh's renewable energy sector over the next three years, said people with knowledge of the matter, in what would be the largest overseas commitment in that sector for India. The purse could grow as the global investment firm is looking to establish a township, as well as multiple hotels under its Leela brand, they said. Brookfield, which is eyeing investments across the value chain in the green energy sector, is likely to invest in Indosol's integrated manufacturing facility and Navayuga's renewable energy portfolio, besides manufacturing and green hydrogen projects. The commitment was made at a meeting of Andhra Pradesh IT and electronics minister Nara Lokesh and Brookfield asset management managing partners Nawal Saini, Ankur Gupta and Arpit Agrawal. Live EventsInvestments in realty, hospitality tooIt follows a September meeting between Lokesh and Brookfield global president Connor Teskey in London.Andhra Pradesh has received major investments in the renewable energy sector by the likes of Premier Energies and Renew Power. Apart from renewable energy, Brookfield is planning to invest in other sectors in the state. The investment in the satellite township, planned to be set up north of Vizag, has not been worked out yet, said the people cited.“The number of Leela hotels has not been finalised,” said one of them. “But in the meeting, the broad contours of this have been agreed upon.”The investments in the real estate and hospitality sector will be over and above the $12 billion pledged for clean energy. Brookfield aims to expand its India portfolio from $30 billion to $100 billion in various sectors by 2030. The Andhra government is likely to ink a deal with Brookfield at its partnership summit on November 14-15 in Vizag.Add as a Reliable and Trusted News Source Add Now! (You can now subscribe to our Economic Times WhatsApp channel) Read More News onBrookfield Asset ManagementAndhra Pradesh renewable energy$12 billion investmentrenewable energy sector Indiagreen energy investmentsLeela hotelsNara Lokeshreal estate hospitality investmentNavayuga renewable energyIndosol manufacturing facility (Catch all the Business News, Breaking News and Latest News Updates on The Economic Times.) Subscribe to The Economic Times Prime and read the ET ePaper online....moreless (You can now subscribe to our Economic Times WhatsApp channel)Read More News onBrookfield Asset ManagementAndhra Pradesh renewable energy$12 billion investmentrenewable energy sector Indiagreen energy investmentsLeela hotelsNara Lokeshreal estate hospitality investmentNavayuga renewable energyIndosol manufacturing facility(Catch all the Business News, Breaking News and Latest News Updates on The Economic Times.) Subscribe to The Economic Times Prime and read the ET ePaper online....moreless
