Shakti Pumps (India) Limited has received a Letter of Empanelment from the Maharashtra State Electricity Distribution Company Limited (MSEDCL) for the supply of 15,000 off-grid Solar Photovoltaic Water Pumping Systems (SPWPS) under the Magel Tyala Saur Krushi Pump Yojana, according to a regulatory filing.
The empanelment covers the design, manufacture, supply, transportation, installation, testing, and commissioning of 3 HP, 5 HP, and 7.5 HP off-grid solar photovoltaic water pumping systems across the state of Maharashtra.
The total value of the project is approximately Rs 353.89 crore, inclusive of GST, while the contract value excluding GST stands at Rs 324.96 crore. The company said the project is to be executed within 60 days from the issuance of the work order or Notice to Proceed (NTP).
The project has been awarded by MSEDCL, a domestic entity, as part of the Magel Tyala Saur Krushi Pump Yojana, which aims to expand the deployment of solar-powered irrigation pumps across Maharashtra to improve energy access for farmers and reduce dependence on conventional electricity for agricultural irrigation.
Shakti Pumps disclosed that neither its promoters nor promoter group have any interest in the awarding entity, and the contract does not constitute a related-party transaction. The company made the announcement under Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.
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