Moser Baer to pump Rs 79 cr in arm
With this investment, the compact disc maker is seeking to expand its presence in the global photo voltaic space.india Updated: Aug 30, 2006 18:27 IST
In order to expand its presence in the global photo voltaic space, compact disk manufacturer Moser Baer on Wednesday said it would invest Rs 79.2 crore (17 million dollars) in its wholly-owned subsidiary Moser Baer Photo Voltaic Ltd.
Moser Baer India has received approval from its board to invest the additional amount in its subsidiary, which is setting up a PV cell and module manufacturing project with an 80 MW capacity at the SEZ in Greater Noida. The investment in the project would be in a phased manner, the company informed the Bombay Stock Exchange.
"This investment will enable MBPV to take position in technologies, like nano, concentrator photo voltaic (CPV), etc,
which should enable us to differentiate ourselves and also provide a sustainable competitive edge and technological leadership," Moser Baer Photo Voltaic's Chief Executive Officer Ravi Khanna said.
The global photo voltaic market is on a high growth curve and a lowering of PV electricity costs to conventional levels could exponentially expand this market, Moser Baer India said.