Shakti Pumps Gets Rs 112.18 Crore Maharashtra Solar Pump Empanelment, 4,755 Systems To Be Supplied

Mumbai: Shakti Pumps (India) Limited has received a Letter of Empanelment from Maharashtra State Electricity Distribution Company Limited (MSEDCL) for 4,755 off-grid solar photovoltaic water pumping systems across Maharashtra.

The pumps will be supplied under the Magel Tyala Saur Krushi Pump Yojana. The total value, including Goods and Services Tax (GST), is around Rs 112.18 crore, the company said in an exchange filing dated October 6.

Order Covers Three Pump Categories

The empanelment covers solar water pumping systems of 3 HP, 5 HP and 7.5 HP. Shakti Pumps said the scope includes design, manufacture, supply, transportation, installation, testing and commissioning of the off-grid systems.

According to the filing, the work order value before GST stands at Rs 103.01 crore. After including GST, the total commercial value rises to Rs 112.18 crore.

Execution Within 60 Days

The company said the order is to be executed within 60 days from the date of issuance of the work order or Notice to Proceed (NTP).

The contract has been awarded by a domestic entity, MSEDCL, and covers the entire state of Maharashtra. The solar pumping systems are intended to support the state's agricultural solar pump programme.

The project will involve multiple stages, from manufacturing and transportation of the equipment to its installation, testing and final commissioning.

No Related-Party Link

Shakti Pumps also clarified that its promoter, promoter group and group companies have no interest in the entity awarding the contract.

The company further said that the order does not fall under related-party transactions.

Exchange Disclosure

Shakti Pumps informed the National Stock Exchange and BSE about the development under Regulation 30 of the SEBI Listing Obligations and Disclosure Requirements Regulations, 2015.

The latest empanelment adds to the company's solar pumping business, with the order involving thousands of off-grid systems for agricultural use across Maharashtra.

The execution timeline means the company will have to complete the mandated scope within two months after the formal work order or NTP is issued.

Disclaimer: This article is based on information disclosed by Shakti Pumps (India) Limited in its regulatory filing with the stock exchanges.