Shakti Pumps (India) Limited has informed the Exchange about receipt of Letter of Award from Maharashtra Energy Department Agency (MEDA) for 4500 Off-grid Solar Photovoltaic Water Pumping System (SPWPS) at various locations across the State of Maharashtra under MNRE Component-B of PM-KUSUM scheme. The total amount of the work order is for around Rs. 114.58 Crores (inclusive of GST).
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Shakti Pumps has received a Letter of Award from the Maharashtra Energy Department Agency (MEDA) to supply 4,500 off-grid Solar Photovoltaic Water Pumping Systems across various locations in Maharashtra. The work falls under MNRE's Component-B of the central government's PM-KUSUM scheme, which promotes solar energy use in agriculture. The total contract value is around Rs. 114.58 Crores inclusive of GST, covering design, manufacture, supply, transport, installation, testing, and commissioning. The order must be executed within 90 days from the issuance of the work order. The counterparty is a domestic government entity and there is no related-party interest involved.
This is a sizeable government order that should meaningfully boost the company's order book and near-term revenue, given the 90-day execution window. The PM-KUSUM linkage adds visibility for further similar orders from other states, which is positive for shareholders.