Shakti Pumps India has bagged an order worth Rs 654 crore in Karnataka for the development of water pumping systems, the company said in its official statement.
Shakti Pumps India: Order details
The company has received the first letter of award from Karnataka Renewable Energy for the design, manufacture, supply, transport, installation, testing and commissioning of stand-alone off-grid DC solar photovoltaic water pumping systems (SPWPS) aggregating worth Rs 654.03 crores inclusive of GST.
Shakti Pumps will carry out the development of these water pumps for the entire state of Karnataka under component-B of the PM-KUSUM scheme. The order includes a total of 16,780 pumps. Of the total order value, the value of order exclusive of GST stands at Rs 600.58 crore, while including GST the order aggregates to Rs 654.03 crore.
As per the company’s regulatory filing, the time period for the order is March 31, 2026. The order, which stands domestic in nature, has been announced in compliance with Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. Additionally, Shakti Pumps has clarified that neither the company nor its promoter groups have any additional interest in the awarding entity. Further, the contract does not include any inter-related party transactions.
Shakti Pumps invests Rs 3 crore in subsidiary
On January 6, the company announced that it has made an investment worth Rs 3 crore in its wholly owned subsidiary Shakti Energy Solutions (SESL). The investment was made for the establishment of a greenfield high efficiency Solar DCR cell and Solar PV modules manufacturing plant in Pithampur, Madhya Pradesh. The plant’s production capacity stands at 2.20 GW.
Further, it added that the investment shall be made in consideration of equity shares.
The acquisition was completed on the same day, and the company added that it will issue equity shares from time to time as per the agreement. For FY25, the turnover of SESL stood at Rs 216.53 crore.
Shakti Pumps: Share Price
Following the announcement, the company’s share prices rose by nearly 5%. In the last one month, the company’s stock has delivered a return of over 10%. Over the past one year, the company’s stock has declined by over 41%.