Moser Baer India has announced that it has secured long-term export credit of euro 97 million (equivalent to $ 84 million) from a syndicate of European investment banks led by the Munich-based Bayerische Hypo-und VereinsBank AG, the third largest bank in Europe.
The final agreement between Moser Baer India and the lenders syndicate was signed by Moser Baer's managing director Deepak Puri and Gerdpeter von Guretzky-Cornitz, Hypo VereinsBank's senior vice president, global trade division.
These long-term funds have been made available by Hypo VereinsBank and its associate lenders at extremely fine international rates.
This is expected to substantially lower borrowing costs for Moser Baer India as its seeks to double its capacity during the financial year.
Other members of the banking syndicate are ANZ Banking Group, Frankfurt, & Standard Chartered Bank, London, who have nominated Hypo VereinsBank to act on their behalf.
With this borrowing, Moser Baer has attained full financial closure for the $233 million expansion of its optical media production facilities to 760 million units per annum.
The capacity expansion, slated to be complete by March 2002, will help Moser Baer become the third largest optical media manufacturer in the world.
This is one of the largest transactions of its kind for an Indian non-infrastructure private sector company.
This long-term credit has been guaranteed by leading European export credit insurer -- Hermes Kreditversicherungs AG, acting on behalf of the Government of Germany.
