Shakti Pumps (India) has been empanelled by the Maharashtra State Electricity Distribution Company Limited (MSEDCL) to supply 10,000 off-grid solar photovoltaic water pumping systems across the state. The company disclosed the development in a regulatory filing dated September 9.
The order falls under the Magel Tyala Saur Krushi Pump Yojana, a state scheme that provides farmers with solar-powered irrigation pumps. It covers pumps of three capacities: 3 HP, 5 HP and 7.5 HP.
Shakti Pumps gets Rs 235.92 crore MSEDCL order
The total value of the contract stands at Rs 235.92 crore, inclusive of GST. Before tax, the work order is valued at Rs 216.64 crore, according to the annexure filed alongside the disclosure.
Shakti Pumps said the order needs to be executed within 60 days of the issuance of the work order or notice to proceed. The scope includes design, manufacture, supply, transport, installation, testing and commissioning of the pumping systems.
Solar pump order to be executed within 60 days
In the annexure, the company stated that neither its promoters nor promoter group entities have any interest in MSEDCL. It also clarified that the contract does not fall within the ambit of related-party transactions.
About Shakti Pumps
Shakti Pumps (India), headquartered in Pithampur, Madhya Pradesh, was incorporated in 1982 and manufactures pumps, motors and related components under the Shakti brand. The company describes itself as a player in energy-efficient pumping solutions across India’s water and renewable energy sector, with a diversified portfolio of over 1,200 indigenously developed products serving agriculture, irrigation, industrial processes, community water supply, wastewater management and firefighting.
It says it holds a dominant share of the market under the government’s PM-KUSUM scheme for solar-powered agricultural irrigation. The company has said it has a presence across more than 125 countries.
Shakti Pumps share price today
Shakti Pumps’ share price has been up almost 6% in early trade on September 10. The company’s share price has been down 2.76% in the past month. Furthermore, Shakti Pumps’ share price has declined almost 39% in the last year.