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Shakti Pumps (India) Limited has invested INR 5 Crores (~ $550,000) in its wholly owned subsidiary, Shakti Energy Solutions Limited, to support the 2.2 GW Solar DCR cell and PV modules manufacturing plant in Pithampur, India. According to the filing, Shakti Energy Solutions Limited was incorporated on 6th September, 2010, and manufactures solar structures, deals in solar rooftop, and is expanding into Solar DCR cell and Solar PV modules manufacturing. The filing states that the investment does not fall under a related party transaction, while arm’s length basis is not applicable because the entity is a wholly owned subsidiary. No government or regulatory approvals are required, the indicative completion period is same day, and the consideration will be made through equity shares.
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