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Armed with a war chest, the energy business of the JSW Group plans to duke it out, but in a way that’s uncharacteristic of India’s renewables sector.

Rapid asset purchases are driving generation growth, but rising debt and weaker cash flows are testing investor confidence.
The solar module maker’s investors want proof of its durability in the face of a leadership change and a costly push into energy storage.
The domination of a few business groups—conglomerates—is a defining feature of the country’s economy. This has been enabled by policy, leading to stifled innovation and hindered progress. All of this, in turn, exacerbates inequalities.