Moser Baer to invest $5bn in Chennai, Hyderabad units in 10yrs

Moser Baer Photovoltaic, a wholly -owned subsidiary of Moser Baer India, on Tuesday said it would invest $5 billion in its manufacturing facilities in Chennai and Hyderabad over 10 years.

Moser Baer Photovoltaic, a wholly -owned subsidiary of Moser Baer India, on Tuesday said it would invest $5 billion in its manufacturing facilities in Chennai and Hyderabad over 10 years.

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"We would be investing $5 billion (approximately Rs 23,000 crore) in our Chennai and Hyderabad units... this is investment is for ten-year period," Moser Baer Managing Director Deepak Puri told reporters on the sidelines of India Economic Summit.

The expansion at the company's Noida unit has been delayed due to economic downturn, "at present we are going slow... our investment is for a longer duration," he said.

Asked about the company's listing on the international bourses, Puri said, "We do not intend to hit the global markets as of now".

He added that the company would arrange funds from other sources.