Moser Baer India, better known for its strorage CDs and movie disks, plans to invest as much as $5 billion (Rs.23,000 crore) over the next 10 years to expand its solar photovoltaic manufacturing facilities in Chennai and Hyderabad as the Delhi-based company eyes exciting opportunities in solar energy.
Chairman and Managing Director Deepak Puri said on the sidelines of the India Economic Summit adding that fresh fund-raising for the business could be considered next year.
“There are no plans as of now but we shall raise funds in the second and third quarters of next year," he said.
Solar energy is expected to be a $250 bilion global business by the year 2020, Puri said.
Last year, company unit Moser Baer Photovoltaic raised more than Rs. 400 crore from a clutch of global private equity investors such as including Nomura, CDC Group, Credit Suisse, Morgan Stanley and IDFC Private Equity.
The firm also plans to expand its solar energy facility at Greater Noida, but this has been delayed by the economic downturn that started last year.
"At present we are going slow. The investment is for a longer duration," Puri said.