| PE funds to invest $100 mn in Moser Baer arm |
| BS Reporter / New Delhi October 19, 2007 |
| Moser Baer India, is set to raise $100 million (Rs 400 crore) in its wholly owned photovoltaic subsidiary. According to an official communication to the Bombay Stock Exchange, the company announced that the investment will be made by a consortium of investors led by IDFC Private Equity, a private equity fund focused on the infrastructure space in India. Other investors include, GIC Special Investments, the private equity investment arm of GIC, a global investment management; CDC Group plc and Infrastructure Development Finance Company (IDFC), India's infrastructure development and finance company. "This investment will enhance the speed of implementation of our plans to emerge as a leading technology driven company in the global photovoltaic space from a position of financial strength and create incremental value for our shareholders", Ratul Puri, executive director of the company said. Puri further added that while the photovoltaic business, which recently commenced commercial operations, this deal has increased the valuation of the business to $1 billion. The company stated that the funds would partially be used to finance its overall plans to increase capacity to 500 Mega Watt by 2010. The transaction will also position the photovoltaic subsidiary for a listing on an international exchange of repute. The company is also in the process of setting up photovoltaic manufacturing capacities for crystalline silicon, concentrator and thin film technologies in India |
