IFC to invest Rs 100 cr in Moser Baer

International Finance Corporation (IFC), the private equity arm of the World Bank, will invest 22.5 million dollars (Rs 91.71 crore) in a subsidiary of Moser Baer, a manufacturer of optical storage discs.

IFC would be investing the amount in an export oriented solar photovoltaic (PV) cell and module manufacturing facility, being set up by Moser Baer Photo Voltaic Ltd (MBPV).

The facility, which would have an installed capacity of 80 MW, is estimated at 92 million dollars including an initial outlay of 58 million dollars, as per information available on the IFC website.

The said project site is located in a special economic zone, adjacent to Moser Baer's existing plant in Noida industrial estate in Uttar Pradesh.

IFC held over one crore shares, representing 9.76 per cent in Moser Baer India, during the quarter ended March 31.

Last week, Moser Baer had said that it would sell shares in MBPV in order to achieve administrative and operating synergies.

The company has also entered into a technology partnership with US-based Applied Materials to build the new unit.

The shares of Moser Baer India were trading at Rs 366.05, up 0.98 per cent, in late session on the BSE.

Source Financial Express
Special Thanks to Achin