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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.

The JSW Steel founder is embarking on an unprecedented expansion, betting on Japan’s JFE and Korea’s POSCO to share the load. But rivalries, debt and market risks could complicate the plan.
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.