Moser Baer to invest Rs 792 cr in Noida SEZ

In order to expand its presence in the global photo voltaic (PV) space, compact disk manufacturer Moser Baer today said it will invest Rs 792 crore ($17 million) in its wholly owned subsidiary Moser Baer Photo Voltaic (MBPV).

Moser Baer India has received approval from its board to invest the additional amount in its subsidiary, which is setting up a PV cell and module manufacturing project at the SEZ in Greater Noida. The investment in the project would be in a phased manner, the company informed the Bombay Stock Exchange.

"This investment will enable MBPV to take position in technologies, like nano, concentrator photovoltaic (CPV), etc, which should enable us to differentiate ourselves and also provide a sustainable competitive edge and technological leadership," Ravi Khanna, CEO of MBPV, said.

The global PV market is on a high growth curve and a lowering of PV electricity costs to conventional levels could exponentially expand this market, Moser Baer India said.