According to reports in DealCurry, Warburg Pincus backed Moser Baer India has approached bankers to restructure it’s payment obligations and align it’s secured liabilities with its business growth and cash flows.
Moser Baer Photo Voltaic Ltd – one of Moser Baer’s subsidiaries has also approached it’s bankers to restructure debt.
Moser Baer was promoted in 1983 by Mr. Deepak Puri and commenced manufacture of time recorder units in technical collaboration with Maruzen Corporation, Japan, and Moser Baer Sumiswald, Switzerland. MBIL diversified into optical data storage in 1986, and has evolved into the leading manufacturer of removable data storage media such as floppy disks, CDs and DVDs.
Moserbaer entered photovoltaic and solar cell business by setting up two subsidiaries in October 2005.
Moser Baer raised $149Mn from Warburg Pincus in 2004. Other institutional investors in Moser Baer includes IFC, Electra Partners, Ealing Investments and Randall Investments. Moser Baer has raised debts from a number of Indian banks including Union Bank of India, Syndicate Bank, United Bank of India. PNB, UCO Bank, BoB and Bank of Maharashtra among others for expansion.