Shakti Pumps (India) has successfully closed its qualified institutions placement (QIP), raising Rs 292.60 crore from institutional investors.

The proceeds from the QIP will be directed towards settiing up a greenfield high-efficiency solar DCR cell and solar PV module manufacturing plant with a capacity of 2.20 GW in Pithampur, Madhya Pradesh. The facility will be developed through Shakti Pumps’ subsidiary, Shakti Energy Solutions. The in-house manufacturing of DCR cells is expected to strengthen the company’s backward integration, enhancing control over the entire solar value chain.

Founded in 1982 and converted to a public limited company in 1995, Shakti Pumps is a leading manufacturer of solar and energy-efficient stainless-steel submersible pumps, pressure booster pumps, and pump motors. The company’s two Pithampur units have a combined production capacity of 5,00,000 pumps and motors per year.