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Oswal Pumps Ltd., an Indian producer of solar pumps, modules and electric motors, has unveiled plans to construct a 1.2 GW solar cell plant that will rely on tunnel oxide passivated contact technology, part of a push toward greater backward integration. The board has given the go-ahead for the proposed facility, which is to be built via Oswal Solar Energy Pvt. Ltd. (OSEPL), a wholly owned subsidiary.
Oswal Pumps anticipates that commercial output from the plant will start by April 2028. According to the company, the entire production volume will feed OSEPL’s own solar module lines, ensuring a reliable stream of cells made domestically in line with India’s domestic content requirement rules while lowering vulnerability to spot-market price swings and supplier pricing.
The investment will broaden OSEPL’s activities from module assembly into cell production, which could enhance its cost structure, its standing in government-backed programs and its profitability over the long term.
The project carries an estimated price tag of roughly INR 4.56 billion, equivalent to about $48.1 million. Debt will cover INR 2.96 billion of that sum. The remaining INR 1.60 billion is to be drawn from unused proceeds of the company’s initial public offering, which had initially been earmarked for an aluminum frame facility along with the remaining planned capacities of a 300 MW ethylene vinyl acetate encapsulant facility and a 500 MW solar module facility. Oswal Pumps intends to direct the IPO proceeds toward the solar cell project by fiscal 2028.
When running, the 1.2 GW plant should cover around 75% of OSEPL’s solar cell needs, with external suppliers providing the rest. It will be situated in Karnal, in the Indian state of Haryana.
At present, the company runs 570 MW of solar module manufacturing capacity, and another 1 GW is being built.
Vivek Gupta, chairman and managing director of Oswal Pumps, stated that moving cell manufacturing in-house provides the company with tighter control over quality, cost and timelines. He observed that with ALMM List-II now in effect, appetite for domestically produced cells is poised to climb steeply, and the company regards this as the right moment to invest. He further noted that opting for TOPCon technology means the company is building for the future, delivering higher efficiency and stronger long-term performance for its customers.
Interactive table based on the Store Companies dataset for this report.
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Commercial and Technical Scope
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Major integrated solar manufacturer
India's largest solar module manufacturer
Part of Adani Group, integrated manufacturing
Leading manufacturer, part of Tata Group
Major PV module and cell producer
Historical leader in solar manufacturing
Makes solar cells, modules, encapsulants
Module and cell manufacturer
Solar PV module manufacturer
Solar panel manufacturer and distributor
Manufactures solar modules and inverters
Solar panel manufacturer
Solar panel manufacturer
Solar panel manufacturer
Solar cell and module manufacturer
Major LED lighting products manufacturer
Leading electrical goods co, major LED player
Major manufacturer of LED lights and fixtures
Major player in LED lighting segment
LED lighting manufacturer
Manufactures LED displays and lighting
Indian subsidiary, major LED mfg in India
Manufactures LED lights and fixtures
Major Indian electrical brand, produces LEDs
LED lighting products manufacturer
Manufactures LED bulbs and lighting
Major player in consumer LED lighting
Leading LED lighting solutions provider
Manufactures LED lights under Finolex brand
Wires & cables major, also manufactures LEDs
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