Shakti Pumps (India) Ltd, a leading manufacturer of solar pumps and energy-efficient pumping solutions, has successfully raised ₹292.60 crore through a Qualified Institutions Placement (QIP). These funds will be strategically utilized to set up a cutting-edge greenfield manufacturing plant for high-efficiency solar cells and modules in Pithampur, Madhya Pradesh.

The new facility, to be established through its wholly-owned subsidiary, Shakti Energy Solutions Ltd, will boast a robust production capacity of 2.2 gigawatts (GW). This significant investment underscores Shakti Pumps' commitment to backward integration and its ambition to play a larger role in India's booming renewable energy sector.

Dinesh Patidar, Chairman, Shakti Pumps (India) Limited, expressed his enthusiasm about the fundraising, stating, "We are thrilled by the enthusiastic response to our QIP issue. This successful fundraising underscores the trust our investors have in our business model and growth strategy. We are eager to leverage these funds to advance our growth initiatives and enhance value for all stakeholders."