GCL System Integration Technology Co., LTD, a subsidiary of GCL has announced that on March 29, GCL Group signed a memorandum of understanding with Softbank Vision Fund through its manager Softbank Investment, a subsidiary of Softbank Group. The main content of the memorandum is that GCL Group and Softbank Investment have agreed to establish a joint venture company in Andhra Pradesh, India, either directly or through their respective affiliates or subsidiaries, of which Softbank Investment accounts for 60% and GCL Group 40%. The equity ratio of the joint venture would be adjusted accordingly if a third-party partner were introduced later on. The composition of the board of directors of the joint venture will be consistent with that of the equity structure.

The joint venture company expects a total investment of 930 million U.S. dollars, and the two parties have not yet identified the source of funds. The joint venture plans to have a production capacity of 4GW, which will be implemented in two phases with 2GW per phase. The main business involves the production and sale of PV ingots, wafers, batteries and modules.