Honda Motor has acquired a stake in Indian renewables firm OMC Power, which is backed by Japan’s Mitsui & Co. and Chubu Electric Power. The company is to jointly develop clean energy storage batteries.

OMC Power did not disclose the size of the stake or financial details. The deal marks Honda’s entry into India’s distributed clean energy industry.

Shareholding pattern

OMC Power Chief Executive Rohit Chandra said Chubu holds slightly over 30% in the company, while Mitsui owns more than 26%. Together with Honda, the three Japanese companies hold about 70% of the firm.

The Indian company is also looking to raise about 25 billion to 30 billion rupees ($284.4 million-$341.3 million) in debt over the next three years and is in talks with State Bank of India and several international lende

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