Magazine

Last edition
May-June 2026

Home › Business ›Oswal Pumps Acquires Additional Stake in Walso Solar, Raises Holding to 51 Percent

Oswal Pumps Acquires Additional Stake in Walso Solar, Raises Holding to 51 Percent

Oswal Pumps acquired 1.307 million equity shares of Walso Solar through a rights issue at a price of INR 28 per share, for a total consideration of INR 365.96 million.

June 10, 2026. By Abha Rustagi

Oswal Pumps has completed the acquisition of an additional 8 percent stake in Walso Solar for INR 36.6 million, increasing its shareholding to 51 percent and making the solar components manufacturer its subsidiary.

The company acquired 1.307 million equity shares of Walso Solar through a rights issue at a price of INR 28 per share, for a total consideration of INR 365.96 million.

Walso Solar Solution, incorporated in April 2024, manufactures mounting structures, balance-of-system (BOS) equipment and other essential components used in turnkey solar pumping systems.

Oswal Pumps said the acquisition was part of its strategy to strengthen vertical integration across its solar-powered pumping business. The company already manufactures key pump components and solar modules, while Walso Solar supports the business through production of mounting structures and related solar infrastructure.

The company said greater control over Walso Solar would enhance its ability to develop products, optimise operational costs and improve margins.

The transaction was classified as a related-party transaction conducted on an arm’s-length basis. Oswal Pumps noted that promoter group interests in Walso Solar were limited to a 4.3 percent post-acquisition stake held by promoter group member Narinder Nath Goela.

Walso Solar reported revenue of INR 1.70 billion in fiscal year 2025-26, up from INR 720.5 million in the previous year, according to the filing.

The acquisition follows Oswal Pumps' earlier purchase of a 4.5 percent stake in Walso Solar on April 8, 2026. Following the latest transaction, the company's holding increased to 51 percent, giving it majority control of the solar equipment manufacturer.

Tags:

Solar equipment manufacturer

Solar components manufacturer

Solar mounting structure

BOS

Solar Pumping Systems

Solar pumps

Acquisition