Moser Baer lines up Rs 792 cr for photo voltaic

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). This is to expand its presence in the global photo voltaic (PV) space.

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 of 80 mw capacity at the Greater Noida SEZ. The investment in the project will be in a phased manner, the company informed the Bombay Stock Exchange.

"This investment will enable MBPV to take position in technologies, such as nano and CPV (concentrator photo voltaic), among others, which should enable us to differentiate ourselves and also provide a sustainable competitive edge and technological leadership," MBPV Chief Executive Officer Ravi Khanna said.

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