Shakti Pumps raises INR 292 crore to set up 2.2 GW solar cell and module factory

Image: Shakti Pumps

Shakti Pumps (India) Ltd has secured INR 292.6 crore (approx. $35 million) through a Qualified Institutions Placement (QIP).

The capital will fund a new 2.2 GW high-efficiency solar cell and module manufacturing facility in Pithampur, Madhya Pradesh. The plant will be established under subsidiary Shakti Energy Solutions Ltd and will produce DCR (Domestic Content Requirement) compliant products.

This strategic move establishes Shakti Pumps' in-house solar cell production capability, aiming for greater vertical integration and control over its solar pump value chain.

Chairman Dinesh Patidar stated the funds will advance the company's growth initiatives and enhance stakeholder value. The QIP received strong institutional investor support.