Shakti Pumps Secures Rs. 67.32 Crore Solar Pump Order
Filing Summary
Shakti Pumps India Ltd has received a new work order from Madhya Pradesh Urja Vikas Nigam Limited for the supply and installation of 1,952 stand-alone off-grid DC solar photovoltaic water pumping systems. The order, valued at approximately Rs. 67.32 Crores including GST, is part of the PM-KUSUM scheme’s Component-B. The project is to be completed within 120 days. This order does not involve any related party transactions, and the promoter group has no interest in the awarding entity.
Shakti Pumps India Ltd has announced the receipt of a new work order from Madhya Pradesh Urja Vikas Nigam Limited. The order involves the supply and installation of 1,952 stand-alone off-grid DC solar photovoltaic water pumping systems. The total value of this order is approximately Rs. 67.32 Crores, inclusive of GST. This project is part of the PM-KUSUM scheme’s Component-B and is scheduled to be executed within 120 days.
The order specifies the design, manufacture, supply, transport, installation, testing, and commissioning of the solar photovoltaic water pumping systems. The financial consideration for the work order, excluding GST, is Rs. 61.82 Crores. The order was awarded by a domestic entity, and there are no related party transactions involved. The promoter group of Shakti Pumps has no interest in the awarding entity.
The details of the order were disclosed in compliance with Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. The information was submitted to the National Stock Exchange of India Ltd and BSE Limited as part of the company’s regulatory obligations.
Madhya Pradesh Urja Vikas Nigam Limited is responsible for implementing renewable energy projects in the state of Madhya Pradesh. The organization focuses on promoting sustainable energy solutions and enhancing energy access in rural areas.
Shakti Pumps India Ltd specializes in the manufacturing of energy-efficient pumps and motors. The company focuses on providing sustainable water solutions through its range of solar-powered products. Shakti Pumps continues to expand its presence in the renewable energy sector, aligning with government initiatives to promote solar energy usage.