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Moser Baer India Limited (MBI) today announced that it will invest an additional $17 million (INR 79.2 Crores) in Moser Baer Photo Voltaic Limited (MBPV), its wholly owned subsidiary in the photo voltaic industry.
This investment will be in a phased manner and provide further impetus to MBPV's technology and R&D initiatives into exciting and emerging technology verticals in the global PV space.
MBPV is setting up a PV cell and module manufacturing project with an 80 MW capacity in India's first renewable energy SEZ at greater Noida. MBPV is leveraging on group's core strengths in base material engineering, thin film coating and precision sputtering, to emerge as an efficient manufacturer of PV cells using silicon based technology.
The global photovoltaic market is on a high growth curve - sales expected to grow to $40 billion by 2010. A lowering of PV electricity costs to conventional levels could exponentially expand this market as PV starts to penetrate into base load demand of electricity.
Ravi Khanna, chief executive officer, Moser Baer Photo Voltaic, said, "This investment will enable MBPV to take position in technologies, like nano, concentrator photovoltaic (CPV), etc, which should enable us to differentiate ourselves and also provide a sustainable competitive edge and technological leadership."
Over the past couple of quarters MBPV has made steady progress and has already executed contracts for supply of equipment and technology. The project is on fast track to commercialization by 4QFY07. Page(s) 1
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