The man who was seen as a saviour of Tata SteelBSE -0.68 %’s UK business is now prowling for renewable energy assets in India. Sanjeev Gupta of London-based Liberty house had 26 meetings lined up on his recent two day visit to Mumbai earlier this week.
Indian-origin Gupta was one of the frontrunners to buy one of Tata Steel struggling steel plant in United Kingdom before the Jamshedpur-based steelmaker opted to explore a merger with ThyssenKrupp instead. Gupta was keen to recycle steel instead of making it fresh from blast furnaces.
Gupta, through Liberty’s sister concern Simec Group, is interested in midsized solar projects in India and is exploring a tidal waves energy project with the state government of Gujarat.
Tidal energy is a form of hydropower that converts the energy of the tides into electricity or other useful forms of power. It is seen more predictable than wind and solar energy.
“We are examining opportunities, especially off late. We are very interested in power. Renewable energy is on top of our objective,” Gupta told ET in Mumbai. “There are clear opportunities especially in the medium term.”
The first feasibility studies will be conducted in the Gulf of Khambhat under the terms of a Memorandum of Understanding that partly-owned firm named Tidal Lagoon Power is expected to establish with Gujarat government.
“Gujarat in India has high tidal ranges. We are interested in pursuing that. We are in discussions with the Indian government. That would be a large project if it makes progress,” said Gupta, also known as SKG in the industry.
Tenax Energy, Atlantis Resources and Pelamis Wave Power are some of the big companies in ocean energy globally.
Simec bought a sizeable stake in Tidal Lagoon Power in February as part of its strategy to create multi-billion pound renewable energy capacity worldwide.
“I would like to come (to India) more often but I have been preoccupied recently. If some these things happen my visits will increase,” he added. “The objective in coming is only meetings; rest can be done over email and video conferences.”