Moser Baer Photovoltaic, a wholly -owned subsidiary of Moser Baer India, today said it would invest $5 billion in its manufacturing facilities in Chennai and Hyderabad over 10 years.
According to Deepak Puri, managing director, the company would invest $5 billion in its Chennai and Hyderabad units, an investment for a 10-year period. He was speaking to the media on the sidelines of India Economic Summit in New Delhi.
He added that the expansion of the Noida unit has been delayed due to economic downturn and at present the company was going slow and the company's investment was for a longer duration.
He added that the company was not interested in listing on the international bourses at present as it did not intend to hit the global markets at present.
The company has already been allotted 100 acres in Fabcity, near Shamshabad, for its proposed facility which will have a capacity of 500 MW.
The Indian Express quoted Rajiv Arya, CEO, saying the company has plans to expand in Tamil Nadu where the government has allotted land but everything depended on domestic market demand.
Currently, the company's production capacity stands at 125 MW and it has plans to add another 100 MW capacity by mid-2010 and an additional 70 MW by end of 2010. Together, it would invest about $250 million for expansion at its existing SEZ in Greater Noida.
Arya added that investments would depend on the technology the company will use and the market requirements globally and locally. Currently its production programme includes 80 MW of thin-films, 80 MW crystalline cells and 5 MW of concentrated PV.
While 90 per cent of the production is taken up by overseas markets such as Germany, Italy, France and other parts of Europe, Arya said it was exploring geographies such as Japan and the US.