Moser Baer share up 2% as arm starts shipping solar cells

MUMBAI: Moser Baer India shares were up 2.10% on news its subsidiary Moser Baer Photo Voltaic has started commercial shipment of solar photovoltaic cells.

Moser Baer Photo Voltaic has got firm orders for over $100 million, the company said in an announcement to the BSE. The company is also on track to implement a 20MW module making capacity in the forthcoming quarter. The global photovoltaic market is expected to grow over six times to $40 billion by 2010, the announcement said.

Moser Baer had earlier announced investment of $17 million into the subsidiary. International Finance Corporation, private equity arm of the World Bank, has invested $22.5 million in the manufacturing facility. IFC holds 9.76% stake in Moser Baer India.