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Moser Baer, Norway firm in $880-m deal

Delhi-based CD maker Moser Baer's photo-voltaic unit is shelling out $880 mn for an 8-year-term to Norway's REC, reports Archana Khatri..

business Updated: Jul 28, 2007 04:43 IST
Archana Khatri
Archana Khatri
Hindustan Times

Delhi-based compact disk maker Moser Baer’s photo-voltaic unit has made a strategic purchase deal, planning to shell out $880 million over an eight-year-period to Norway-based REC Group for the supply of high-quality silicon wafers.

Moser Baer Photo Voltaic Limited (MBPV), a subsidiary Moser Baer India, has ambitions of being a major player in the business that helps solar energy, which could emerge as a hot business area in the coming years as concerns over global warming makes demand grow for alternative energy sources.

Under the definitive contract, REC Group will sell and delivery high quality multi-crystalline silicon wafers to MBPV over an eight-year period beginning from the first shipment in 2008.

According to Ravi Khanna, CEO, MBPV, “We greatly value the technical, managerial and operation capabilities of REC and we believe that this strategic sourcing deal is a win-win situation for both sides. It will provide a long-term customer for REC and an assured supply of high grade silicon wafers to MBPV.”

Globally, there is a shortage of silicon wafers, a key raw material for the photovoltaic industry. An assured supply will provide a significant advantage to MBPV.

First Published: Jul 28, 2007 04:27 IST