Oswal Pumps has announced the incorporation of a new step-down subsidiary, Oswal Doon Baran Bundi Solar Projects Limited, as part of its continued expansion in India’s renewable energy sector. The newly formed entity was incorporated on May 6, 2026, through Oswal Solar Energy Private Limited, which is a material wholly owned subsidiary of Oswal Pumps. The company disclosed this development under Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.
The new subsidiary has been established as a Special Purpose Vehicle (SPV) in partnership with Doon Infrapower Projects Private Limited. Under the shareholding structure, Oswal Solar Energy Private Limited holds a 60 percent controlling stake in the SPV by subscribing to 6,000 equity shares for a total investment of Rs. 60,000. The remaining 40 percent stake is held by the project partner. The authorized share capital of the company has been fixed at Rs. 10 lakh, while the initial subscribed capital stands at Rs. 1 lakh.
The primary focus of the new SPV will be the engineering, procurement, and construction (EPC) of solar power projects in Rajasthan. The company has been formed specifically to execute rooftop solar photovoltaic power projects on State Government buildings across the state. The work will include the design, supply, erection, testing, and commissioning of rooftop solar systems under a project awarded by Rajasthan Renewable Energy Corporation Limited on March 30, 2026.
The project will be implemented under the Hybrid Annuity Mode and also includes a long-term operation and maintenance responsibility. According to the company, the SPV will provide comprehensive O&M services for a period of 25 years from the date of commissioning of the solar projects.
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