A joint venture between two major Japanese electric power companies is looking to explore more business opportunities in India's energy market with a particular focus on renewable energy, joining a growing list of investors betting big on the country's clean energy sector.

"We have just taken our first step in India's energy market," said Toshiro Kudama, senior executive vice president of Jera Co., equally owned by Tepco Fuel & Power Inc., a subsidiary of Tokyo Electric Power Company Holdings Inc., and Chubu Electric Power Co.

He was referring to Jera's recent acquisition of an equity stake in an Indian renewable energy firm.