Oswal Pumps to Set Up 1.2 GW Solar Cell Plant in Haryana
Oswal Pumps Limited, a manufacturer and distributor of a wide range of solar pumps, has announced plans to set up a 1.2 GW solar cell manufacturing plant in Karnal, Haryana. The company will develop the facility through its wholly owned subsidiary, Oswal Solar Energy Private Limited (OSEPL).
Oswal Solar Energy’s Plant to Begin Operations by April 2028
The upcoming plant will manufacture Tunnel Oxide Passivated Contact (TOPCon) solar cells and is expected to commence operations by April 2028. This project will be developed with an investment of ₹456 crore. Of the total amount, ₹296 crore will be financed through debt, while ₹159.85 crore will come from unutilised Initial Public Offering (IPO) proceeds.
Entire project output (1.2 GW) will be used by OSEPL’s in-house solar module manufacturing lines. The facility is expected to meet around 75% of the company’s total solar cell requirements. The remaining demand will continue to be met through external sourcing.
Oswal’s New Plant to Strengthen Supply Chain
The 1.2 GW plant marks Oswal Pumps’ entry into solar cell manufacturing. The company has so far relied on external suppliers and imports to meet its solar cell requirements. This new facility will help address the supply-chain gap in OSEPL’s manufacturing operations and reduce its dependence on external suppliers.
Commenting on the development, Mr Vivek Gupta, Chairman and Managing Director of Oswal Pumps, said, “Over the years, we have built strong capabilities in solar modules, pumps and complete solar pumping systems. Bringing cell manufacturing in-house completes that value chain and gives us greater control over quality, cost and timelines”.
Oswal Solar Energy’s Existing Manufacturing Operations
Oswal Solar Energy currently operates a 570 MW solar module assembly line in Karnal and is also in the process of expanding its solar module capacity by 1 GW, which will take total capacity to 1,570 MW.
Apart from solar modules, OSEPL manufactures and sells balance-of-system (BoS) components, including solar inverters and turnkey solar pumping kits.
Its parent company, Oswal Pumps, manufactures water pumping systems, electric motors, and clean-energy equipment. Its product portfolio includes solar submersible and monoblock pumps, submersible pump sets, and electric motors.
