"This company targets to generate revenues of Rs 1,000 crore in the coming three years and Rs 250 crore in its first year of operation," Vikram Group said in a statement.
The joint venture would be between group firm Vikram Solar — a maker of crystalline PV modules — and Proener Renovables. Vikram Solar would hold a 51 per cent stake in the entity, while the remaining 49 per cent would be with the Spanish firm.
Firstly, Vikram Proener Project would start with a 2-MW project in Chhattisgarh, involving an investment of about Rs 25 crore. It would be operational by July, 2011.
Proener Renovables is into engineering processes , design, construction and maintenance of large photovoltaic solar power plants .
Kolkata-based Vikram Group has business interests in tea and tea processing machinery manufacturing, steel, solar power and textiles, among other areas.