Moser Baer has revised its corporate deb restructuring plan to Rs. 1,800 Crorers from the earlier planning of Rs. 739 Crores.
As said by the Moser Baer, the company is considering restructuring of debt as it looks to strengthen its abilities to leverage future opportunities in the growing sector.
The current debt restructuring of Rs. 1,800 Crores of term debt is almost half of the total debt of Rs. 3,500 Crores.
Rapidly falling prices of solar panels and components has also impacted the profitability of solar cell makers, with companies like Solar Millennium and Solon SE filing for bankruptcy.
Moser Baer is also in discussions with banks for refinancing its outstanding Foreign Currency Convertible Bonds (about $88.5 million as nominal value).
Banks are positive about the company's future plans and Moser Baer is looking forward to speedy completion of the debt restructuring and thereafter, to consolidate business and cash flows
The company narrowed its loss for the quarter ended March 31, 2012 to Rs 59.60 crore from a loss of Rs 131.20 crore in the same quarter last year.
Total income from operations increased to Rs 462.33 crore in the reported quarter from Rs 458.95 crore in the year-ago period.
The company is bullish on the solar industry as the global PV market is forecast to witness substantial growth on account of higher installations anticipated in key markets such as the US, Germany and China.
According to the The industry witnessed a 76 per cent year-on-year growth in PV installations during 2011, as per a EPIA - Global Market Outlook 2016 report.
More Literature on this topic:
- http://economictimes.indiatimes.com/news/news-by-industry/energy/power/moser-baer-plans-to-restructure-over-rs-1800-crore-term-debt/articleshow/13312468.cms
- http://files.epia.org/files/Global-Market-Outlook-2016.pdf
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