IFC to invest Rs91 crore in Moser Baer Photo Voltaic
09 May 2007
Mumbai:
International Finance Corporation (IFC), the private equity arm of the World Bank,
will invest $22.5 million ( Rs91.71 crore) in the solar photovoltaic (PV) cell
and module manufacturing facility, being set up by Moser Baer Photo Voltaic Ltd
(MBPV).
The export-oriented unit is being set up by MBPV, a subsidiary of optical storage disc manufacturer Moser Baer.
The investment in the facility, with an installed capacity of 80 MW, is estimated at $92 million, including an initial outlay of $58 million, IFC said in its website.
The project site is located in a special economic zone, adjacent to Moser Baer''s existing plant in Noida industrial estate in Uttar Pradesh.
IFC already holds over one crore shares, representing 9.76 per cent, in Moser Baer India, as of the close of March 2007.
Moser Baer had last week informed the BSE that it would enter into a share purchase agreement with PV Technologies (a subsidiary special purpose vehicle for thin film project) for sale of shares in Moser Baer Photo Voltaic Ltd.
align="left">PV Technologies India would also function as an operating company, it added.
align="left">In March, Moser Baer said it would invest $250 million over the next three years to set up a thin film solar fab.
align="left">The company has also entered into a technology partnership with US-based Applied Materials to build the unit in its existing SEZ at Greater Noida.
>Shares
of Moser Baer India were up 0.98 per cent at Rs366.05 in late session on the BSE.
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