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Shakti Pumps (India) Limited, an India-based pump and solar equipment company, has invested INR 7 Crores in its wholly owned subsidiary, Shakti Energy Solutions Limited (SESL). The investment is intended for a greenfield high efficiency Solar DCR cell and PV modules manufacturing plant in Pithampur, Madhya Pradesh, with a production capacity of 2.2 GW. The company said the investment has been made through cash consideration by subscribing to equity shares of the target entity, while the indicative completion period was stated as same day. Shakti Energy Solutions Limited, incorporated on September 06, 2010, manufactures solar structures and is engaged in solar rooftop business, and it is further expanding into Solar DCR cell and PV modules manufacturing. The company also stated that the investment does not fall under related party transaction provisions, while arm’s length basis is not applicable because SESL is a wholly owned subsidiary.
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