Family-owned Indian firm also forms joint venture to develop tidal lagoons in India
Wealthy Indian industrialists the Guptas have ploughed an eight-figure investment into tidal lagoon power in the UK.
Through its commodities business Simec, the family has bought a significant stake in Tidal Lagoon Plc, a holding company created by Tidal Lagoon Power – the firm developing the Swansea Bay Tidal Lagoon (pictured).
The investment is in future lagoons rather than Swansea Bay, and will help finance projects in Cardiff and Newport, for which planning applications are expected to be submitted in 2017 and 2018 respectively.
The deal will also see Simec and Tidal Lagoon Power form a joint venture to develop tidal lagoons in India.