Moser Baer India, a leading global technology company, has announced settlement of its long-drawn licensing and patent dispute with Philips.

Today, both companies have entered into a confidential settlement agreement ending a series of disputes in multiple jurisdictions pertaining to recordable CDs and DVDs. The settlement reached provides resolution of all claims and counterclaims without any admission of liability or wrongdoing by either party.

According to a company official, the friendly settlement paves the way for Moser Baer to maintain and strengthen its market leadership position as the world's leading manufacturer of optical media storage products.

In addition, it will also help the company to further cement its relationship as the preferred OEM for the world's leading optical media brands.

The shares of Moser Baer today closed at Rs 82 on BSE, up 5% compared to previous close of Rs 77.