To be set up with initial investment of Rs. 2,000 crore
CHENNAI: Moser Baer Photo Voltaic plans a photovoltaic fab manufacturing unit in the Oragadam industrial area with an initial investment of Rs. 2,000 crore.
The company, a subsidiary of Moser Baer, plans to enter the solar power generation business by manufacturing solar cells and modules.
It has sought 250 acres, plus 50 acres for residential quarters. Initially, the State Government has agreed to give it 120 acres.
Talking to newsmen on the sidelines of Connect-2007 here on Monday, Moser Baer Managing Director Deepak Puri said: “We will start the work on this unit within one month from the date of allotment of land. Thereafter, the first product will be ready for launch within 15-18 months. We expect revenue of $1 billion in the first three-and-half years. Funding is not a problem, since Moser Baer has cash reserves of Rs. 1,000 crore.”
A high tech manufacturing facility to be manned by high-end engineers and research scientists, the unit will provide employment to 4,000 people in the initial stage.
In the first phase, the plant will have an annual capacity of 80 MW.
State Industries Secretary Shaktikanta Das said: “it is a highly capital-intensive unit and Moser Baer is trying to tap power through solar energy. It will be eligible for the Centre’s support since it comes under the semiconductor policy. All those firms that are trying to generate power by pasting PV films on rooftops can be the ideal candidate for them.”
Earlier, talking to The Hindu, Mr. Puri said that apart from Chennai, the company was also planning to expand its operations in Punjab and was scouting for places in Southern states for expansion.
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