Shakti Pumps (India) Limited, an Indian manufacturer of solar water pumps and motors, has raised INR 2.92 billion ($34.08 million) in a Qualified Institutions Placement (QIP) issue to establish a 2.2 GW solar cell and module production factory.  

Open to institutional investors, the QIP issue was priced at INR 918.0 ($10.71)/share, a 4.97% discount to the Securities and Exchange Board of India (SEBI) floor price of INR 965.96 ($11.27)/share.   

The company plans to use the proceeds to establish a greenfield domestic content requirement (DCR) compliant factory for high-efficiency solar cells and modules in Pithampur, Madhya Pradesh. The Madhya Pradesh Industrial Development Corporation Limited (MPIDC) has sanctioned 113 acres of land to the company’s subsidiary, Shakti Energy Solutions Limited, to establish the 2.2 GW PV manufacturing facility.  

In a stock exchange filing, the management says that in-house manufacturing of solar DCR cells will enhance backward integration and allow it greater control over the entire value chain.

“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,” said Shakti Pumps Chairman Dinesh Patidar.  

Shakti Pumps currently operates 2 manufacturing facilities in Pithampur with a combined annual production capacity of 500,000 solar pumps and motors. It is an active supplier of solar PV water pumping systems (SPWPS) under India’s Pradhan Mantri Kisan Urja Suraksha evam Utthaan Mahaabhiyan (PM-KUSUM) scheme. 

Very recently, in June 2025, the company secured a letter of award from the Maharashtra Energy Department Agency (MEDA) for 4,500 SPWPS. Shakti Pumps also counts the US, Africa, Asia and the Middle East as its strong markets.