Moser Baer ramping up solar power biz

Moser Baer Photovoltaic, the solar photovoltaic cell manufacturing arm of optical storage disk maker Moser Baer, is in the final stages of discussions with a few state governments to set up a greenfield manufacturing facility.

The company, which is adding capacity to produce 500 MW of solar power by 2010, expects $1.5 billion in revenues from the solar energy segment.

The company, which currently has capacity for 40 MW, is doubling it by the first quarter of the next fiscal. By the turn of the decade, it would have capacity for half a billion giga watt of solar power, for which it would have invested close to $1 billion.

On fundraising, Ravi Khanna, Chief Executive Officer said since the facilities would be coming up in phases, a large part of the required capex would be met through internal accruals. “These are early days for external fundraising and we have all options before us,” he said.

Read more in The DNA Money article.

Moser Baer launches US$150 mn FCCBs

Moser Baer India Limited, a leading optical media manufacturer, today announced that it has priced a Foreign Currency Convertible Bond (FCCB) of a principal amount of US$150 million, with tenure of five years from their allotment. The issue was sold last night and received a good response and was over subscribed by 2.25 times the issue size.

The FCCB will, subject to obtaining the requisite shareholders approval in this regard, be issued in two tranches, with tranche A being USD 75 million and having a yield to maturity of 6.10% and a conversion premium of 25% over the closing price of Rs 436.75 on the Bombay Stock Exchange (BSE) on 4th June, 2007 and Tranche B being USD 75 million and having a yield to maturity of 6.75% and a conversion premium of 40% over the closing price of Rs 436.75 on the Bombay Stock Exchange (BSE) on 4th June, 2007.

The FCCBs are expected to be listed on the Singapore Exchange Securities Trading Ltd.
Citigroup and Morgan Stanley are the joint book runners and lead managers for the offering.

IFC aims over $500mn investment in India

With India emerging as one of the most preferred investment destinations globally, World Bank's private equity arm, International Finance Corporation, aims to cross $500 million mark in new investments by June.

During the fiscal, IFC invested over Rs 91.71 crore in a subsidiary of Moser Baer, a manufacturer of optical storage device, and infused about Rs 82 crore for assisting Kanoria Chemicals in its expansion plan.

It has also picked up 11.48 per cent stake in Granules India for around Rs 26 crore and has committed a $50 million loan to Orissa-based cement manufacturer OCL India Ltd.

IFC would also invest over Rs 101.37 crore to help expansion of the production capacity of electronic bikes marker Electrotherm India in Gujarat.

Read more in The DNA Money article.

IFC to invest Rs 91cr in Moser Baer

International Finance Corporation (IFC), the private equity arm of the World Bank, will invest $22.5 million (Rs 91.71 crore) in Moser Baer Photo Voltaic (MBPV), a subsidiary of Moser Baer.

IFC would be investing the amount in an export oriented solar photovoltaic (PV) cell and module manufacturing facility, being set up by MBPV.The facility, which would have an installed capacity of 80MW, is estimated at $92 million including an initial outlay of $58 million, 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 an industrial estate in Noida, Uttar Pradesh.During the quarter ended March 31, IFC held over one crore shares, representing 9.76% in Moser Baer India.