Oswal Pumps has received an order Rs 380 crore from the Maharashtra State Electricity Distribution Company (MSEDCL) for installing 13,738 off-grid solar water pumping systems across the state.
The company in its regulatory filing said that the project will be executed under the PM Kusum B Scheme, known in Maharashtra as the “Magel Tyala Saur Krushi Pump” Yojna.
Oswal Pumps wins project under PM-KUSUM scheme
The company will design, manufacture, supply and install solar photovoltaic water pumping systems of 3 HP, 5 HP and 7.5 HP capacity at identified farms across Maharashtra.
The scope also includes testing, commissioning, warranty, repair and maintenance, and providing remote monitoring systems for five years.
Oswal Pumps said the installation of each system must be completed within 60 days from the issuance of the work order or approval. The empanelment and award remain valid for one year.
The company clarified that neither the promoter group nor any related parties have any interest in MSEDCL, and the order does not fall under related-party transactions.
Share price of Oswal Pumps
The share price of Oswal Pumps declined 14.95% so far this year.