Oswal Pumps Limited has announced plans to establish a 1.2 GW TOPCon (Tunnel Oxide Passivated Contact) solar cell manufacturing facility through its wholly owned subsidiary, Oswal Solar Energy Private Limited (OSEPL), with an estimated investment of ₹456 crore. The proposed facility is aimed at strengthening the company’s backward integration and expanding its manufacturing capabilities across the solar value chain.
According to a regulatory filing dated October 10, 2026, the Board of Directors of OSEPL has approved the proposed project, with commercial production expected to commence by April 2028. The entire manufacturing output will be utilised for captive consumption by OSEPL’s in-house solar module production lines, reducing dependence on external solar cell suppliers.
The project is expected to meet approximately 75% of OSEPL’s overall solar cell requirements, with the remaining demand continuing to be sourced externally. The investment is intended to secure a reliable supply of domestically manufactured solar cells, minimise exposure to spot-market price fluctuations and improve the company’s cost competitiveness in government-backed renewable energy programmes.
The total project cost is estimated at approximately ₹456 crore, of which ₹296 crore is proposed to be financed through debt, while ₹159.85 crore will be funded through unutilised proceeds from the company’s initial public offering (IPO). These funds were previously allocated to an aluminium frame manufacturing facility, the remaining 300 MW EVA encapsulant facility and the remaining 500 MW solar module facility.
Oswal Pumps stated that its Board has approved the proposed revision in the utilisation of IPO proceeds and the associated implementation timeline, subject to necessary statutory, regulatory and shareholder approvals. The company intends to deploy the reallocated funds towards the solar cell manufacturing project by FY2028.
The proposed facility will utilise TOPCon technology, which offers higher conversion efficiency and improved energy yield, supporting the production of higher-wattage solar modules. The investment is also expected to strengthen the company’s ability to meet domestic content requirements under government-supported programmes such as PM-KUSUM and PM Surya Ghar, while supporting compliance with the Approved List of Models and Manufacturers (ALMM) List-II requirements.
The company noted that its existing solar module manufacturing line of approximately 570 MW, together with an additional 1 GW facility currently under development, is sufficient to meet its present requirements. As a result, it has prioritised investment in solar cell manufacturing over further module capacity expansion to address supply-chain constraints and improve operational efficiency.
Commenting on the development, Vivek Gupta, Chairman and Managing Director of Oswal Pumps Limited, said the investment represents an important step in the company’s transition from a pump manufacturer to an integrated solar solutions provider. He highlighted that bringing solar cell manufacturing in-house would provide greater control over production quality, costs and delivery timelines while supporting long-term business growth.
The proposed manufacturing expansion reflects Oswal Pumps’ strategy to strengthen domestic solar manufacturing capabilities, improve supply-chain security and enhance its participation in India’s growing renewable energy market. The investment is expected to support the company’s long-term competitiveness and profitability as demand for domestically manufactured solar components continues to increase.
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