Shakti Pumps (India) Limited (SPIL) has invested ₹11 crore in its wholly owned subsidiary, Shakti Energy Solutions Limited (SESL), to support the establishment of a greenfield solar manufacturing facility in Pithampur, Madhya Pradesh.
The investment was disclosed by the company on September 5, 2026, through a regulatory filing submitted to the National Stock Exchange of India (NSE) and BSE Limited under Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.
Investment Details
The ₹11 crore investment has been made through a cash subscription to equity shares of SESL and was completed on the same day. SESL, incorporated on September 6, 2010, is a wholly owned subsidiary of Shakti Pumps.
The investment is aimed at supporting SESL’s plans to establish a high-efficiency Solar DCR cell and Solar PV module manufacturing plant in Pithampur.
2.2 GW Solar Manufacturing Capacity Planned
The proposed greenfield facility is expected to have a production capacity of 2.20 GW. The project will expand SESL’s existing activities in the solar value chain, which include the manufacturing of solar structures and solar rooftop solutions.
The planned entry into Solar DCR cell and Solar PV module manufacturing is expected to broaden the company’s manufacturing capabilities and strengthen its presence across the solar equipment value chain.
SESL Reports Steady Revenue Growth
SESL has reported consistent growth in turnover over the past three financial years. Its turnover increased from ₹139.59 crore in FY2024 to ₹216.53 crore in FY2025, before reaching ₹239.11 crore in FY2026.
| Financial Year | Turnover |
|---|---|
| FY2024 | ₹139.59 crore |
| FY2025 | ₹216.53 crore |
| FY2026 | ₹239.11 crore |
Regulatory and Governance Aspects
According to the disclosure, the transaction involves investment in a wholly owned subsidiary and therefore does not fall under the applicable Related Party Transaction provisions. Consequently, an arm’s-length assessment is not applicable to the investment.
The company has also stated that the proposed project will require the necessary government and regulatory approvals for its establishment and operation.
The disclosure was authorised by Ravi Patidar, Company Secretary of Shakti Pumps (India) Limited.
Strengthening Solar Manufacturing Presence
The investment marks another step in Shakti Pumps’ expansion into solar manufacturing. With a planned 2.2 GW capacity for Solar DCR cells and PV modules, the proposed Pithampur facility could strengthen the company’s position in India’s growing domestic solar manufacturing ecosystem.
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