Moser Baer has received approval of its board of directors to raise $100 million (Rs 400 crores) in its wholly owned photovoltaic subsidiary. The investment will be made by a consortium of investors led by IDFC Private Equity, a private equity fund focused on the infrastructure space in India; together with GIC Special Investments, the private equity investment arm of GIC, a global investment management company established to manage Singapore’s foreign reserves; CDC Group plc (UK government owned) and Infrastructure Development Finance Company (IDFC).
Moser Baer’s photovoltaic subsidiary will use the proceeds to partially finance its overall plans to increase capacity to 500 mw by 2010, making it one of the largest players in the global photovoltaic industry in a short span of time. Additionally, the photovoltaic subsidiary will be listed on an international exchange. “This innovative deal has set a minimum threshold valuation for the photovoltaic business at $1 billion” said Mr Ratul Puri, executive director, Moser Baer.
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