Shakti Pumps Invests INR 75 Cr in Subsidiary to Develop 2.20 GW Solar Cells and Modules Plant in MP
Shakti Pumps (India) Ltd. has infused an additional INR 75 crore into its subsidiary Shakti Energy Solutions to set up a 2.20 GW greenfield DCR solar cell and PV module manufacturing plant in Pithampur, Madhya Pradesh, taking the total investment to about INR 115.80 crore.
January 19, 2026. By Mrinmoy Dey
The company earlier invested about INR 40.80 crore, in three tranches – INR 25 crore in October 2025, INR 12 crore in July 2025 and INR 3.80 crore in January 2025. With this latest round, the total investment in the solar manufacturing plant increases to about INR 115.80 crore.
The company, in an earlier regulatory filing, stated that Madhya Pradesh Industrial Development Corporation (MPIDC) has sanctioned 113 acres of land to Shakti Energy Solutions, located at Smart Industrial Township, Sector-7, Pithampur, for the said plant.
Shakti Energy Solutions is currently engaged in the manufacturing of solar structures and solar rooftop EPC. The proposed facility marks the subsidiary's expansion into the manufacturing of Domestic Content Requirement (DCR) solar cells and solar PV modules.
Shakti Energy Solutions reported a turnover of INR 216.53 crore in FY25, reflecting steady growth over recent years. The company recorded revenues of INR 139.59 crore in FY24 and INR 99.15 crore in FY23, indicating a consistent expansion in its solar-related business operations.
Notably, Shakti Pumps is a key player in the solar pumps segment, and there is an increasing demand for DCR-compliant modules, as projects under the PM-KUSUM scheme mandate them. And, during an investor call last year, the company cited the issue of a shortage in DCR solar panels limiting its growth.
To address this, last year, the company announced a tie-up with ReNew Photovoltaic for an additional supply of DCR cell-based solar modules worth INR 1,300 crore for FY 2025-26. This was in addition to existing partnership with Mundra Solar (Adani) and Premier Energies for the supply of DCR cell-based Solar modules.
With this backward integration, the company is striving for greater control over the supply chain and solidify its position in the solar pumps market.
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