Mumbai: International Finance Corporation (IFC), the private equity arm of the World Bank, will invest $22.5 million (Rs91.71 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 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 Noida industrial estate in Uttar Pradesh. IFC held over one crore shares, representing 9.76% in Moser Baer India, during the quarter ended 31 March.
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.