Moser Baer to set up subsidiary in Cyprus with 25,000 Euros

New Delhi, Jul 27 (UNI) Moser Baer India Ltd today announced that it proposes to set up a fully-owned subsidiary in Cyprus with an initial investment of Euros 25,000 for acquiring and setting up optical media and other business.

The proposed subsidiary would help identify opportunities in global R&D in optical media and other technologies and simultaneously, look for setting up greenfield projects in Europe and other global markets, a company statement said.

The company today staged a turnaround wih a net profit of Rs 6.47 crore for the quarter ended June 30, 2006 as compared to a net loss of Rs 11.14 crore for the quarter ended June 30, 2005.

The company's total income increased by 34.89 per cent at Rs 488.08 crore for the quarter ended June 30, 2006 against Rs 361.83 crore for the corressponding period last year.

Moser Baer, a leading manufacturer of optical media discs in the world, had recently begun shipping its Gen-Next 15GB HD DVD-R (recordable) to global OEM (Original Equipment Manufacturer) customers.

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