Shakti Pumps Secures Rs. 654 Crore Solar Pumping Order
Filing Summary
Shakti Pumps India Ltd has received a letter of award from Karnataka Renewable Energy Development Limited for the supply of 16,780 standalone off-grid DC solar photovoltaic water pumping systems. The contract, valued at approximately Rs. 654 Crores inclusive of GST, is part of the PM-KUSUM scheme. The project involves design, manufacture, supply, transport, installation, testing, and commissioning of the systems across Karnataka. The completion deadline is set for March 31, 2026. 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 letter of award from Karnataka Renewable Energy Development Limited for the supply of 16,780 standalone off-grid DC solar photovoltaic water pumping systems. This award is part of Component-B of the PM-KUSUM scheme, aimed at enhancing solar energy usage in agriculture.
The total value of the contract is approximately Rs. 654 Crores, inclusive of GST. The scope of the contract includes the design, manufacture, supply, transport, installation, testing, and commissioning of the solar pumping systems. The project is scheduled for completion on or before March 31, 2026.
The order was awarded by a domestic entity, and there are no significant terms and conditions beyond the standard requirements for such projects. The contract does not fall under related party transactions, and there is no interest from the promoter or promoter group in the awarding entity.
The Karnataka Renewable Energy Development Limited focuses on promoting renewable energy projects within the state. It plays a crucial role in implementing government schemes aimed at increasing the adoption of renewable energy sources.
Shakti Pumps India Ltd specializes in the manufacturing of energy-efficient pumps and motors. The company is committed to expanding its presence in the renewable energy sector, particularly in solar-powered solutions. This order aligns with its strategic focus on sustainable energy initiatives.