Shakti Pumps (India) Ltd., a leading manufacturer and supplier of solar pumps and motors, today announced a significant investment of Rs 1700 crore in Madhya Pradesh. The expansion to be done on approximately 64 hectares of industrial land in Pithampur will set up state-of-the-art manufacturing units for solar cells, solar pumping systems and electric vehicle components from renewable energy solar wafers, creating huge employment opportunities in the state. Once production starts in these projects, Shakti Pumps will be the first company in the country to have the capability to manufacture all the needs of the solar pumping industry such as pumps, motors, solar panels, structures, VFDs, inverters etc.
Established in 1982, Shakti Pumps has a rich legacy of over 40 years in the Indian market. The company offers a wide range of pumps, including domestic, agricultural, industrial, solar and sewage pumps, that cater to a wide range of needs. A recognized leader in the Indian solar pump market, Shakti Pumps exports its products to over 100 countries across the globe with an emphasis on energy efficiency and sustainability. The company has consistently demonstrated strong financial performance and profitability. Shakti Pumps is also a channel partner of the Ministry of New and Renewable Energy (MNRE) PM KUSUM Yojana for solar pumps, underlining its commitment to renewable energy solutions.
This strategic investment will be made through three distinct companies under the Shakti Group, all located in Dhar district of Madhya Pradesh:
Shakti Energy Solutions Ltd: The company will focus on manufacturing solar cells from wafers with a capacity of 2 GW with a capital investment of Rs 1200 crore. The venture is expected to generate employment opportunities for around 4000 persons.
Shakti Pumps (India) Ltd:* The Group will invest an additional Rs 250 crore in this unit and focus on manufacturing solar pumps, motors, VFDs (variable frequency drives), inverters, structures and other related components, generating employment for an estimated 2500 people.
Shakti EV Mobility Ltd: This new venture will specialise in manufacturing electric vehicle motors, controllers and chargers with a capacity to produce around 2 lakh units per annum. A fixed capital investment of around Rs 250 crore is planned, generating around 1000 jobs
Mr. Dinesh Patidar, Chairman, Shakti Pumps (India) Ltd. said, “This significant investment underlines our unwavering commitment to Madhya Pradesh and its growth trajectory. We believe in the immense potential of the state and its favourable business environment. This expansion will strengthen our position in the renewable energy and electric vehicle sectors, as well as contribute significantly to the socio-economic development of the region by creating substantial employment opportunities.”
Shakti Pumps has a strong presence in Madhya Pradesh, employing over 2500 people and operating 04 plants. Shakti Group has already made a fixed capital investment of over Rs 500 crore. The Group has indigenously developed over 1200 types of pumps, motors and controllers, reflecting its focus on innovation and local expertise. Apart from India, Shakti Group has its own companies in countries like UAE and USA and has earned it the status of an international company with exports to over 100 countries. Recently, the market capitalization of the company had reached Rs 16,000 crore, which shows the confidence of investors in the company.
Mr. Patidar said, “We are extremely excited about the future of renewable energy and electric mobility and believe it will play a key role in our growth story. These new facilities will leverage cutting edge technology and adhere to the highest quality standards, further strengthening our reputation as a trusted and reliable provider of pumping solutions and now electric vehicle components. These projects are not only important for the Government of India’s PM Kusum Yojana and PM Surya Ghar Yojana, but will also help in making the country’s annadaata ko urjadaata and freeing the common citizens from the burden of electricity bills.”
The new plants in Dhar district will significantly expand Shakti Pumps’ manufacturing capacity and enable the company to meet the growing demand for solar energy solutions and electric vehicle components domestically and internationally. The company’s focus on research and development, as well as its extensive experience in the pump and motor industry, positions it well to take advantage of the emerging opportunities in these areas.
Mr. Patidar further added, “We are extremely grateful to the Government of Madhya Pradesh for their continued support and encouragement. Their proactive policies and investor-friendly environment have played a key role in this investment. We thank the Hon’ble Chief Minister and the entire Government machinery for their vision and commitment to make Madhya Pradesh a preferred state.