Solar Semiconductor , a rapidly growing producer of high-quality photovoltaic (PV) modules, has announced its merger with US based Trans-India Acquisition Corporation. 

According to an official release, Trans-India has entered into a definitive agreement to acquire not less than 80% shares in the privately held Solar Semiconductor Ltd.

The proposed acquisition is valued at $375 million, which would be formalized once the US Securities and Exchange Commission (SEC) formally approves the amalgamation. 

The process of acquisition is expected to be completed by February 2009. 

Solar Semiconductor was incorporated in Cayman Islands and has subsidiaries in US and India. It designs, manufactures and sells solar photovoltaic (PV) modules for industrial, commercial, public utility and residential applications internationally.

The company has manufacturing facilities in Hyderabad with an annual production capacity for 75 MW of PV modules. 

Post-merger, the new entity will be called Solar Semiconductor Corporation, which is proposed to invest USD 300 million in the next two to three years.