Shakti Pumps' ₹292.60 Crore QIP Fuels Major Solar Expansion

Shakti Pumps (India) Ltd. has successfully concluded its Qualified Institutional Placement (QIP), raising ₹292.60 crore from institutional investors. The capital raised will support the company’s strategic expansion into solar manufacturing.

The proceeds will be used to establish a greenfield high-efficiency solar DCR cell and solar PV module manufacturing facility with a capacity of 2.20 GW in Pithampur, Madhya Pradesh. The project will be executed through Shakti Pumps’ wholly-owned subsidiary, Shakti Energy Solutions. This in-house manufacturing initiative will enhance backward integration, giving the company greater control over the solar value chain and boosting its competitiveness in the renewable energy sector.

Established in 1982 and publicly listed since 1995, Shakti Pumps is a leading manufacturer of solar-powered and energy-efficient stainless-steel submersible pumps, pressure booster pumps, and motors. Its two existing units in Pithampur have a combined annual production capacity of 500,000 pumps and motors.

News by Rahul Yelligetti.