INDIA BUSINESS WORLD SEPTEMBER (16^th - 30^th) 2007
The Month that was ...

MOSER BAER TO SET UP RS 2K CR FAB UNIT IN TAMIL NADU

In one of the big-ticket investments in Tamil Nadu, Moser Baer, India's largest optical storage media maker, has announced an investment of Rs 2,000 crore to set up a solar photo-voltaic fab unit near Chennai. The facility, to come up on 125-acre plot in the SIPCOT SEZ at the Oragadam-Srieprumbudur belt, would generate revenue of $1 billion, or Rs 4,000 crore in three to five years, its top official said.

Moser Baer officials will be in Chennai in four weeks to firm up the agreement and the first plant will come up in 15-18 months. Moser Baer India MD Mr Deepak Puri, speaking at an information and communication technology event in Chennai, said the project would generate 4,000 jobs. The economic benefits for such products are generally four times the investment, he said.

It will manufacture solar PV films, which is used to harness solar energy for power generation. Currently, 80% of Moser Baer's products are export-oriented. But Mr Deepak Puri said, "There is a tremendous disconnect between the power required and the power generated". The company also expects to cater to domestic power consumption through this unit.

Also, the company termed it as a semi-conductor project, which is eligible for the Indian government's support under the semi-conductor policy. The Delhi-based company has been growing at a cagr of 42% in the last five years, and posted a net profit of Rs 109.79 crore on net sales of Rs 1981.91 crore in the year ended March, 2007. Mr Puri also met chief minister M Karunanidhi, who inaugurated the event. State Industries secretary, Shakthikantha Das, informed media that the company is in talks with the government for about 100 acres at the Oragadam SEZ.