Moser Baer India Ltd. has announced that its wholly owned photovoltaic (PV) subsidiary has entered into definitive agreements to raise Rs4.11bn from a consortium of global investors, including Nomura, CDC Group, Credit Suisse, Morgan Stanley, IDFC PE and IDFC.
This huge investment will help in Moser Baer growth plans. The investment will significantly be used to fund the expansion of the Crystalline Silicon Cell manufacturing to 180 MW, presently it is 120 MW and Amorphous Silicon Thin Film to 120 MW from 40MW.
Mr. Ratul Puri, Executive Director, was very much excited with the growth in their PV business. This funding allows Moser Baer to develop a significant global multi-technology platform and consolidate their leadership position on the global photovoltaic business.
Moser Baer’s previous private equated funding transaction was Rs. 4bn in November 2007. In all, wholly owned subsidiary would have been raised to Rs. 8.11bn for private funding. The transaction values Moser Baer's PV business at Rs. 63.5bn (US$1.44bn).
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