Moser Baer gets global investors fund for expansion

New Delhi: Moser Baer India’s wholly owned photovoltaic (PV) subsidiary has received in full the agreed capital injection of Rs 415 crore from a consortium of global investors to fund the capacity expansion of its high efficiency crystalline silicon and thin film solar verticals, the company said in a communication to the Bombay Stock Exchange.

The company currently has an annual capacity of 120 Mw, including 40 Mw of amorphous silicon Gen 8.5 thin film modules.

The investment is intended to fund the expansion of the crystalline silicon cell manufacturing to 180 Mw and amorphous silicon thin film to 120 Mw.

Earlier this month, the company had announced signing of definitive contracts with global investors, including Nomura, CDC Group, Credit Suisse, Morgan Stanley, IDFC PE and IDFC.

This straight equity transaction values the company’s PV business at over Rs 6,350 crore ($1.44 billion) while the investors are entitled to a 6.5 per cent stake in the business.