Chennai: Optical storage device major Moser Baer India Ltd Monday signed a memorandum of understanding (MoU) with the Tamil Nadu government to set up a photo voltaic and nano technology plant at Oragadum, near Chennai.

The plant, to be set up at an estimated investment of Rs.20 billion ($476 million), will come up in the Small Industries Promotion Corp of Tamil Nadu (Sipcot) industrial estate there, said a government release.

The deal was signed by Industries Department Secretary M.F. Farooqui and Moser Baer chairman and managing director Deepak Puri in the presence of Chief Minister M. Karunanidhi and union Minister for Communications and Information Technology A. Raja.

The Moser Baer deal comes after Signet Solar Inc announced its plans to set up a photo voltaic product plant at Sriperumbudur special economic zone (SEZ) near Chennai at an outlay of Rs.20 billion.