New Delhi, Oct 19: Moser Baer India Ltd, the country's largest optical storage maker, today said it has received its board's approval to raise about Rs 400 crore in its wholly-owned photovoltaic subsidiary to partially finance its overall plans to increase capacity to 500 MW by 2010.
The investment will be made by a consortium of investors led by IDFC Private Equity together with GIC Special Investments, CDC Group plc (the UK government owned emerging markets fund of funds investors and Infrastructure Development Finance Company (IDFC).
''This investment will enhance the speed of implementation of our plans to emerge as a leading technology driven company in the global photovoltaic space,'' company's Executive Director Ratul Puri said.
For the photovoltaic business which has recently commenced commercial operations, this innovative deal has set a minimum threshold valuation for it at one billion dollars.
Globally, given the rapid growth of the photovoltaic industry, there is currently a shortage of silicon wafers, a key raw material for the photovoltaic industry.
The company's photovoltaic manufacturing capacities for crystalline silicon, concentrator and thin film technologies are coming up in one of country's first renewable SEZ's at Greater Noida, Mr Puri said.