VCs inject $93m into Indian opticals group

IDFC Private Equity, an infrastructure-focused private equity fund manager and a unit of India’s Infrastructure Development Finance Company (IDFC), Nomura Holdings, CDC Group, Morgan Stanley, Credit Suisse and IDFC have invested 4.1 billion Indian rupees ($93 million; €65 million) in Moser Baer PhotoVoltaic, a fully owned subsidiary of Moser Baer, the country’s largest optical storage media manufacturer.

The transaction values Moser Baer's photovoltaic business at $1.44 billion.

IDFC Private Equity invested $10 million in this round of funding, Luis Miranda, president and chief executive officer of the firm, told PEO. This round of funding follows an investment of $100 million in the company made in October 2007, he said.

The previous round was led by IDFC Private Equity which contributed $40 million. Other investors in that round included CDC, GIC Special Investments, the private equity investment arm of the Government of Singapore Investment Corporation, and IDFC.

Established in 2005, Moser Baer PhotoVoltaic manufactures photovoltaic cells and modules. The company is looking to expand its production of crystalline silicon and thin film solar verticals, both of which are used in the manufacture of cells.

The investment is intended to help Moser Baer scale up its operations and reach grid parity in the near future, Yoshiki Hashimoto, head of Asia merchant banking at Nomura, said in a statement.

Established in 1983, the company’s parent, Moser Baer India, is headquartered in Delhi.