 Moser
Baer, India''s largest optical storage maker, has received its board''s approval
to raise about Rs400 crore ($100 million) in its wholly-owned photovoltaic subsidiary
to partially finance its plan to increase capacity to 500 MW by 2010.The
investment will be made by a consortium of investors led by IDFC Private Equity,
together with GIC Special Investments, CDC Group plc (a UK government-owned emerging
markets fund of funds) and Infrastructure Development Finance Company (IDFC).
The company
said its subsidiary would use the proceeds to part-finance its plans to increase
capacity to 500 MW by 2010, making it one of the largest players in the global
photovoltaic industry. The
transaction will result in the photovoltaic subsidiary being listed on an "international
exchange of repute", the company''s release said. Executive director Ratul
Puri said that the deal has set a minimum threshold valuation for the photovoltaic
business at $1 billion. The
company''s photovoltaic manufacturing facility for crystalline silicon, concentrator
and thin film technologies is coming up in one of India''s first renewable special
economic zones (SEZs) in Greater Noida.
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