Vikram Solar Ltd, an arm of Kolkata-based Vikram Group, has deferred its plans to hit the capital markets through an initial public offering (IPO) to end of 2013.
The firm has charted out Rs 1,700 crore investment plans in solar power business till 2017. “We are now focussing more into the soalr power business. During the last financial year, the business contributed around 20 per cent to the top line of our group and it is expected to increase by 5 per cent. Meanwhile, we have deferred our IPO plans to end of 2013 or early 2014. It was supposed to happen this year,” said Gyanesh Chaudhary, Director of Vikram Solar.
The Rs 1,700-crore investment plans include setting up of wafer, cell and module manufacturing over a period of five years. The company had recently entered into a tie up with Spanish solar company Proener Renovables to take up engineering, construction and procurement (EPC) contracts of large solar power projects. The Kolkata-based company holds 51 per cent while Proener has 49 per cent in the joint venture named Vikram-Proener.
“Currently, our overseas business is doing well, specially in countries like Australia and North America. We are looking for some off-grid acquisitions in Germany. Our company has also applied for 5 mega watt plants each in Gujarat and Rajastan,” he said.
Vikram, Solar is also looking to double capacity of photovoltaic cell (PV) plant in Falta special economic zone in West Bengal at an investment of about Rs 250 crore. “The aim is to increase capacity from 60 MW to 150 MW at Falta,” he said.