Date:20/10/2007 URL: http://www.thehindubusinessline.com/2007/10/20/stories/2007102052060400.htm

Back Moser Baer to raise $100 m via private equity

Our Bureau

New Delhi, Oct. 19 Optical storage media maker Moser Baer has announced that it would raise $100 million (Rs 400 crore) for its photovoltaic 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 issued on Friday. “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),” the release added.

Moser Baer’s photovoltaic subsidiary will use the proceeds to partially finance its plans to increase capacity to 500 MW by 2010.