Shakti Pumps India Ltd receives advance for supplying solar-powered water pumping system
Shakti Pumps (India) Limited (SPIL), India’s leading manufacturer of energy-efficient pumps and motors has received advance worth USD 6 million from Export-Import Bank of India (EXIM bank) on behalf of the Government of Uganda represented by the Ministry of Water and Environment for supplying solar-powered water pumping system. The company will begin the project execution from October 2022.
The company was awarded a contract in the month of March 2021 from the Government of Uganda for supply of solar powered water pumping systems at a contract price of USD 35.30 million exclusive of VAT.
Sharing his views on this vital development, Mr. Dinesh Patidar, Chairman and Managing Director, SPIL said: “It is a moment of pride for us at Shakti Pumps for partnering with the Government of Uganda on this project. This will augur well with our green energy expansion plans in Africa while generating employment opportunities for the local citizens. Export remains our focus area which has contributed 15.7% of revenue in FY22 amounting to around INR 1,851 million with the continent currently contributing ~10% share in the overall export business for SPIL.
Going forward, this successful implementation of solar-pumps in Uganda would likely encourage other African countries to partner with us for similar mid-sized projects. Given our robust roadmap backed by latest in-house R&D infrastructure, we are already a partner of choice for major export markets such as the US and the Middle East.”
Shakti Pumps already has an approval of two patents for its unique products out of the already filed 29 patents, giving the company an edge over peers in India and international markets in the renewable energy space.
Source : Equity Bulls
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