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Oswal Pumps Ltd announced plans to establish a 1.2 GW solar cell manufacturing facility based on Tunnel Oxide Passivated Contact (TOPCon) technology. The investment will strengthen the company’s backward integration strategy and expand its presence across the solar manufacturing value chain. The company’s board of directors has approved the proposed facility through its wholly owned subsidiary, Oswal Solar Energy Pvt Ltd (OSEPL). Oswal Pumps expects commercial production to begin by April 2028.
Oswal Pumps currently manufactures solar pumping systems, solar modules and electric motors in India. By adding solar cell manufacturing to its operations, the company aims to improve control over production costs, product quality and supply timelines. The company plans to use the facility’s entire output for captive consumption at OSEPL’s in-house solar module manufacturing lines. This approach will help secure a reliable supply of domestically manufactured cells that meet Domestic Content Requirement (DCR) norms. Furthermore, in-house cell production will reduce the company’s exposure to spot-market price fluctuations and supplier-driven commercial terms. It will also extend OSEPL’s value addition beyond solar module assembly into cell manufacturing, potentially improving cost competitiveness and consolidated profitability over time.
Oswal Pumps estimates the total project cost at approximately ₹456 crore. The company proposes to finance the investment through debt and the redeployment of unutilised initial public offering (IPO) proceeds.
The proposed funding structure includes:
Debt financing: Approximately ₹296 crore.
Unutilised IPO proceeds: Approximately ₹159.85 crore.
The company plans to redirect the IPO proceeds, originally earmarked for its aluminium frame facility, the remaining 300 MW of EVA encapsulant capacity and the remaining 500 MW of solar module capacity, towards the proposed solar cell manufacturing project by FY2028.
The proposed 1.2 GW facility is expected to meet approximately 75% of OSEPL’s total solar cell requirements. The company will continue to source the remaining requirement from external suppliers in the near term. Oswal Pumps currently operates a 570 MW solar module manufacturing line and has an additional 1 GW of module capacity under construction. Therefore, the proposed cell facility will support its broader manufacturing expansion and help align upstream cell production with its solar module operations.
Vivek Gupta, Chairman and Managing Director of Oswal Pumps Ltd, said, “Bringing cell manufacturing in-house gives us greater control over quality, cost and timelines. With ALMM List-II now in force, demand for domestically manufactured cells is set to rise sharply. We see this as the right opportunity to invest. Choosing TOPCon technology ensures we are building for the future, with higher efficiency and better long-term performance for our customers.” The company expects the growing emphasis on domestically manufactured solar cells, including requirements under the Approved List of Models and Manufacturers (ALMM) framework, to support demand for local production. As reported by pv-magazine-india.com, by adopting TOPCon technology, Oswal Pumps aims to strengthen its manufacturing capabilities while positioning itself to serve India’s expanding solar energy market. The investment could also improve supply-chain resilience and enhance the company’s competitiveness in government-supported solar programmes.

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