Oswal Pumps’ wholly owned subsidiary -- Oswal Solar Energy (OSEPL) has received board’s approval to set up a 1.2 GW solar cell manufacturing facility based on TOPCon (Tunnel Oxide Passivated Contact) technology. The board of directors of OSEPL in its meeting held on October 10, 2026, inter-alia, approved the same.
The commercial production is expected to commence by April 2028. The entire output is intended for captive consumption by OSEPL's in-house solar module lines. It is intended to secure a steady, reliable supply of DCR cells and reduce the company's exposure to spot-market price volatility and supplier-driven commercial terms. It will also extend OSEPL's value addition from module assembly into cell manufacturing. Together, these benefits are expected to strengthen the group's cost structure, competitive positioning in Government-backed programmes, and profitability at the consolidated level over time.
The total project cost is estimated at around Rs 456 crore. Of this, about Rs 296 crore is proposed to be funded through debt. The balance of Rs 159.85 crore is proposed to be funded from the unutilised IPO proceeds of Rs 163.04 crore, which were originally earmarked for the Aluminium Frame Facility, the remaining 300 MW EVA Encapsulant Facility and the remaining 500 MW Solar Module Facility through infusion in OSEPL. It is proposed to deploy the Net Proceeds towards the said solar cell manufacturing facility by Financial Year 2028.
Oswal Pumps manufactures solar-powered and grid-connected submersible and monoblock pumps, electric motors comprising induction and submersible motors as well as solar modules, which it sells under the ‘Oswal’ brand.
