Shakti Pumps receives MSEDC empanelment for 15,000 solar pumps worth ₹353.89 crore

Shakti Pumps (India) Ltd has received a Letter of Empanelment from the Maharashtra State Electricity Distribution Company Limited (MSEDCL) for the supply of 15,000 off-grid solar photovoltaic water pumping systems across Maharashtra under the Magel Tyala Saur Krushi Pump Yojana, the company said in an exchange filing on Saturday (July 4).

The empanelment is valued at around ₹353.89 crore, including GST, and covers 3 HP, 5 HP and 7.5 HP solar water pumping systems. The project is to be executed within 60 days from the issuance of the work order or Notice to Proceed (NTP).

According to the filing, the scope of work includes the design, manufacture, supply, transportation, installation, testing and commissioning of the off-grid solar photovoltaic water pumping systems.

The company said the order has been awarded by a domestic entity. The contract value stands at ₹324.96 crore, excluding GST, while the total value including GST is ₹353.89 crore.

The stock ended 0.25% higher at ₹573.00. The shares have fallen 22.49% in the year so far.

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