Shakti Pumps (India) Ltd. successfully concluded its Qualified Institutions Placement (QIP), raising ₹292.60 crore from institutional investors. The capital infusion marks a strategic milestone as the company looks to expand its footprint in the solar manufacturing space.
New Solar Manufacturing Plant in Pithampur
Shakti Pumps will use the funds to establish a greenfield high-efficiency solar DCR cell and photovoltaic (PV) module manufacturing facility in Pithampur, Madhya Pradesh. Shakti Energy Solutions, the company’s subsidiary, will develop the 2.20 GW-capacity plant. The investment will significantly strengthen Shakti Pumps’ backward integration efforts, allowing greater control over the solar energy value chain—from cell manufacturing to final deployment.
Enhancing Solar Capabilities and Supply Chain
By manufacturing DCR (Domestic Content Requirement) solar cells in-house, the company aims to reduce reliance on external suppliers and ensure a steady supply of key solar components. This move not only enhances quality control but also aligns with the government’s push for domestic solar manufacturing under the “Make in India” initiative.
Building on Decades of Manufacturing Expertise
Shakti Pumps manufactures solar-powered and energy-efficient stainless steel submersible pumps, pressure booster pumps, and motors. The company’s existing two manufacturing units in Pithampur have an annual production capacity of 5,00,000 pumps and motors. The addition of a solar module facility will further diversify its portfolio and reinforce its leadership in clean energy technologies. As reported by projectstoday.com, Shakti Pumps is making a bold move into solar manufacturing. With this step, the company is positioning itself at the forefront of India’s clean energy transition. It is leveraging its expertise in sustainable water and energy solutions.
