Moser Baer India Ltd, which makes optical storage media, is raising $100 million for its solar PV subsidiary.
The PV group will use the funds to increase capacity to 500MW by 2010, making it a global leader in PV manufacturing.
It plans to list on an undisclosed international exchange. The company has set a minimum threshold valuation for the PV at US$1 billion.
The company will locate in one of India’s first special economic zones for renewable energy in Greater Noida. It will manufacture crystalline silicon, concentrator and thin film technologies.
A consortium led by IDFC Private Equity, GIC Special Investments, CDC Group PLC and Infrastructure Development Finance Company will make the investment.
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