Moser Baer setting up of subsidiary in Cyprus

Mumbai: Moser Baer India Ltd, among the top three optical storage media manufacturers in the world, proposes to set up a 100-per cent subsidiary in Cyprus involving an initial investment of €25,000. The subsidiary, to be formed via acquisition of an existing unit or as a greenfield venture, will focus on optical media and other business, including acquiring future technology in Europe, the US and other parts of the world.

The proposed subsidiary would help identify opportunities in global R&D in optical media and other technologies and simultaneously enable the company to set up greenfield projects in Europe and other global markets.

Moser Baer is a global leader in the development and manufacture of removable data storage media and is one of India's leading technology companies. It has a broad and robust product range of floppy disks, compact discs (CDs) and digital versatile discs (DVDs).

With a market presence in 82 countries, the company as also recently started production and distribution of HD DVD-Rs. A pioneer among globalising Indian firms, Moser Baer enjoys strong tie-ups with all major global technology brands, with service and marketing offices in India, the US and Europe,

For the quarter ended June 30, 2006, the company has posted a net profit after taxes of Rs6.47 crore as compared to a net loss of Rs11.15 crore for the quarter ended June 30, 2005. Total income has increased from Rs361.83 crore for the quarter ended June 30, 2005 to Rs488.09 crore for the quarter ended June 30, 2006