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Shakti Pumps enters into MoU with RBL Bank for funding solar pumpsets

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Shakti Pumps (I) Ltd, manufacturer of 100% stainless steel pumpsets &solar pumps in India has signed a Memorandum of Understanding (MoU) with RBL Bank (also known as Ratnakar Bank) to provide loans to its customers for buying Solar Pumpsets and host of products across the bank’s network.

The company has signed a preferred financier agreement with RBL Bank, under which Shakti Pumps customers, primarily the farmers will be able to secure credit for a range of products. The focus will be on funding the purchase of solar pumpsets but farmers will also be able to secure finance for buying PVC pipes and drip irrigation products.

“We are very pleased to enter into this agreement with RBL Bank for funding our core customers, the farmers. This is one more initiative from our end to make life easier for the Annadata who will be able to secure loans faster due to a speedy clearance system envisaged under the MoU.They will also be able to get access to RBL Bank’s vast network of branches.” said Mr Dinesh Patidar, CMD of Shakti Pumps (I) Ltd.  

On this occasion Manoj Rawat, Head Agribusiness Group, RBL Bank said “Our Bank is committed to provide credit to farmers for various agriculture and allied activities and increase its outreach in rural India.The Bank has beensupporting energy efficient irrigation systems and renewable energy programs for farmers. This agreement will help Shakti Pumps (I) Ltd to provide superior quality irrigation systems including solar pump sets to large number of farmers across the country. The bank also plans to work with company to create awareness about efficient use of water and energy.”

The tie up comes even as the Union Government has announced a provision of Rs. 1,000 crore for promoting solar energy in the country. This comprises of an allocation of Rs. 500 crore for Ultra Mega Solar Projects in Rajasthan, Gujarat, Tamil Nadu, Andhra Pradesh and Ladakh; a provision of Rs. 400 crore for schemes for solar power driven agricultural pump sets and water pumping stations; and a provision of Rs. 100 crore for the development of 1 MW Solar Parks on the banks of canals.

Many state governments like, Andhra Pradesh Madhya Pradesh and Rajasthan are planning capacity additions while the Maharashtra Government has announced plans to roll out over half a million solar pumps for farms.

 

Photo: Mr Dinesh Patidar, CMD of Shakti Pumps (I) Ltd.  

Solar PV | News published on 19 / 01 / 2015 by Bharat Vasandani

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