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Shakti Pumps Strengthens Solar Manufacturing Push with Rs 75 Crore Infusion into Subsidiary for MP Plant

Shakti Pumps (India) Ltd. has made an additional investment of Rs 75 crore in its wholly owned subsidiary, Shakti Energy Solutions Ltd., to support the development of a greenfield solar manufacturing facility in Pithampur, Madhya Pradesh. The proposed plant will produce high-efficiency Domestic Content Requirement (DCR) solar cells and photovoltaic modules with a combined capacity of 2.20 GW.

With this latest capital infusion, the company’s total investment in the project has increased to approximately Rs 115.80 crore. Prior to the current round, Shakti Pumps had invested around Rs 40.80 crore in three phases—Rs 25 crore in October 2025, Rs 12 crore in July 2025, and Rs 3.80 crore in January 2025.

According to earlier regulatory disclosures, the Madhya Pradesh Industrial Development Corporation (MPIDC) has allotted 113 acres of land to Shakti Energy Solutions at the Smart Industrial Township, Sector-7, Pithampur, for setting up the manufacturing unit.

Shakti Energy Solutions is presently involved in the production of solar mounting structures and rooftop solar EPC services. The new facility represents a strategic expansion into the manufacturing of DCR-compliant solar cells and PV modules, marking a significant step toward backward integration within the group.

The subsidiary reported a turnover of Rs 216.53 crore in FY25, continuing its steady growth trajectory. This compares with revenues of Rs 139.59 crore in FY24 and Rs 99.15 crore in FY23, highlighting consistent expansion in its solar-focused operations.

Shakti Pumps is a major participant in India’s solar water pump market, where demand for DCR-compliant modules has been rising due to requirements under the PM-KUSUM scheme. During an investor call last year, the company had indicated that limited availability of DCR solar panels was constraining its growth.

To mitigate supply challenges, Shakti Pumps had earlier announced a partnership with ReNew Photovoltaic for the supply of DCR cell-based solar modules valued at Rs 1,300 crore for FY 2025–26. This arrangement supplements existing supply agreements with Mundra Solar (Adani) and Premier Energies.

Through this backward integration initiative, Shakti Pumps aims to enhance supply chain control, reduce dependency on external suppliers, and strengthen its competitive position in the rapidly growing solar pump segment.