Oswal Pumps to set up 1.2 GW TOPCon solar cell manufacturing facility

By Staff Report October 14, 2026 7:25 pm IST

The total project cost is estimated at approximately ₹456 crore.

Board of Directors of Oswal Pumps Limited’s wholly owned subsidiary, Oswal Solar Energy Private Limited (“OSEPL”) has approved plans to set up a 1.2 GW solar cell manufacturing facility based on TOPCon technology.

The firm is expected to begin the commercial production 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. The company will also extend OSEPL’s value addition from module assembly into cell manufacturing.

The total project cost is estimated at approximately ₹456 crore, of which around ₹296 crore is proposed to be funded through debt. The remaining ₹159.85 crore will be financed through unutilised IPO proceeds of ₹163.04 crore, originally earmarked for an Aluminium Frame Facility, the remaining 300 MW EVA Encapsulant Facility and the remaining 500 MW Solar Module Facility through an infusion in OSEPL. The company proposes to deploy these net proceeds towards the solar cell manufacturing facility by FY2028.

The company’s Board of Directors has approved a change in the objects and terms of utilisation of the IPO proceeds, along with an extension of the utilisation timeline. The proposed changes are subject to requisite statutory and regulatory approvals, including shareholder approval.