Moser Baer unit gets PE Funding worth Rs 415 crore

Moser Baer India has informed that its wholly owned photovoltaic (PV) subsidiary has received in full, the agreed capital investment worth Rs 415 crore from a consortium of global investors.

According to the company, the received money will be utilized for expansion of its solar PV capacity both in crystalline silicon and thin film solar verticals facilities coming up at the Greater Noida.

The company currently has 80 MW capacity for crystalline silicon, which it plans to increase to 180 MW; whereas company’s present capacity in Thin Film is 40 MW, that will be increased to 105 MW, by adding 65MW capacity.

Moser Baer’s thin film PV business falls under PV Technologies India, while the crystalline silicon business is controlled by another unit, Moser Baer Photovoltaic Ltd.

Earlier this month, Moser Baer Photovoltaic had announced signing of definitive contracts with global investors, including Nomura, CDC Group, Credit Suisse, Morgan Stanley, IDFC PE, and IDFC. Moser Baer has diluted 6.5% stake in the PV business at over Rs 635 crore for raising these funds.

The company had raised about Rs 400 crore in November 2007.