New Delhi, Oct 19: Optical storage media maker Moser Baer on Friday said it would raise 100 million dollars (Rs 400 crores) for its photo voltaic subsidiary through investments from private equity investors including IDFC and GIC special
investments.
The move would position the photovoltaic subsidiary for a potential IPO on an international exchange, the company said in a statement.
It added that the company has received the approval of its board of directors to raise 100 million dollar for its wholly-owned photovoltaic subsidiary.
The investment will be made by a consortium of investors led by IDFC private equity, GIC special investments, UK's CDC group PLC and Infrastructure Development Finance Company (IDFC), India’s leading infrastructure development and finance company.
Moser Baer's photovoltaic subsidiary will use the proceeds to partially finance its plans to increase capacity to 500 mw by 2010.
"The photovoltaic business has already commenced commercial operations and this deal has set a minimum threshold valuation for the photovoltaic business at one billion dollar," Moser Baer Executive Director Ratul Puri said.
Bureau Report
First Published: Friday, October 19, 2007, 00:00