Karnal-based Oswal Pumps, a manufacturer of solar pumps, is set to expand its solar module business and diversify into new manufacturing sectors.

The company currently operates a 570 MW solar module production line and is increasing its capacity to 1.5 GW. It has acquired a larger land parcel next to its existing facility, improving logistical efficiency and reducing transportation costs. The expansion will occur in phases, with the initial phase already underway and expected to be completed by February next year. Oswal Pumps will use Rs 1,536.60 million from its IPO proceeds to fund this expansion.

Additionally, the company is diversifying into backward integration with plans to manufacture aluminium extrusions, encapsulant materials, junction boxes, and solar inverters. According to Vivek Gupta, Chairman and Managing Director, “This proximity offers significant logistical advantages, including better coordination, reduced transportation time and cost, and overall operational efficiency."