The Hindu Business Line : Moser Baer plans subsidiary to develop SEZs

MOSER Baer India Ltd today said that its board of directors, at a meeting on February 18, has decided to establish a new public limited subsidiary company that will function as a "developer" of special economic zones (SEZs).

The board also approved the change in the Objects Clause of the Memorandum of Association of the company to facilitate acting as a "developer".

Asked how this tied in with its original business of making mobile storage media such as floppy disks, CDs and DVDs, Mr Yogesh Mathur, CFO, told Business Line: "This is an extension of the announcement that we had made in October 2005."

The company had then announced plans to enter the photovoltaic business by manufacturing solar cells and modules. It is targeting a capacity of 80 MW by 2007.

"The Government has given us a special status since we entered the renewable energy sector. It now makes sense for us to develop a special economic zone, where units that interact with each other, such as companies upstream and downstream in the business, would come up."

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