New Delhi: Moser Baer is ready to raise 100 million dollars for its photo voltaic arm through investments from private equity investors comprising IDFC and GIC special investments.

In a declaration, the optical storage media producer said that the recent move would position the photovoltaic division for a prospective IPO on an international exchange.

It added that the company has got the authorization of its board of directors to lift up 100 million dollar for its wholly-owned photovoltaic arm.

The investment will be made by a group of capitalists chaired by IDFC private equity, GIC special investments, UK`s CDC group PLC and Infrastructure Development Finance Company (IDFC), India’s best infrastructure development and finance company.

Moser Baer’s photovoltaic division will make use of the proceeds to partly finance its plans to enhance competence to 500 mw by next three years (2010).

Ratul Puri, Moser Baer Executive Director, said, “The photovoltaic business has already commenced commercial operations and this deal has set a minimum threshold valuation for the photovoltaic business at one billion dollar.”