IDFC Private Equity, an infrastructure-focused private equity fund manager and a unit of India’s Infrastructure Development Finance Company, is leading a consortium to invest $100 million (€70 million) in Moser Baer, the country’s largest optical storage media manufacturer.
The consortium includes IDFC Private Equity’s parent, Singapore’s GIC Special Investments and the UK’s CDC Group.
The investment into Moser Baer will partially fund plans to expand its subsidiary’s photovoltaic capacity to 500 megawatt by 2010. The transaction is also aimed at readying the photovoltaic subsidiary for a listing, according to a statement.
Ratul Puri, executive director of Moser Baer said the deal has set a “minimum threshold valuation for the photovoltaic business” at $1 billion.
Moser Baer is developing manufacturing capacities for crystalline silicon, concentrator and thin film technologies in one of India’s first special economic zones for renewable energy businesses in Greater Noida. Based in New Delhi, Moser Baer was established in 1983.