After having decided to diversify into solar energy space, Euro Multivision Ltd, India's second largest producer of CDRs and DVDRs, now plans to manufacture polysilicon, a key raw material used for silicon wafers.
The company has already tied-up with California-based Stanford Research Institute (SRI), which will provide technology for manufacturing polysilicon.
"Initially, the company intends to set up photovoltaic solar cell manufacturing unit and it also plans to start production of polysilicon," said Hitesh Shah, managing director, Euro Multivision Ltd.
Polysilicon is a key raw material for manufacturing solar wafers, which are used to make photovoltaic solar cell.
"Production of polysilicon by the company will take care of its raw material requirement", he added. The production of polysilicon may start by the end of next year. Euro Multivision, a part of Rs 1,000 crore to Rs 1,100 crore Euro Group, is coming out with its public issue to raise Rs 66 crore, which will be partly utilised to fund its photovoltaic solar cell manufacturing unit at Bhachau in Kutch district.
The company is looking at investing Rs 178 crore for the new unit, which is likely to be operational by January 2010. Euro Multivision has also secured Rs 100 crore loan for its planned unit, which is coming up in its Special Economic Zone (SEZ) in Kutch. The plant will have a capacity of 40 Mw.
In order to meet plant and machinery requirement for its new plant, the company has entered into a contract with OTB Solar BV based in Netherlands.
The contract is for selling, designing, delivering, installing and testing and mechanically commissioning solar cell production line.
The public issue will open for subscription on September 22 and will close on September 24, 2009.
Source : Business Standard