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Oswal Pumps, an India-based manufacturer of solar pumps and modules, is to set up a 1.2 GW TOPCon solar cell plant through its subsidiary Oswal Solar Energy. Domestic cell makers had offered supply deals, but the company has said that their prices and deposits did not match its view of value. The plant is therefore to secure a steady supply of DCR cells, and it will meet about 75% of the cell needs of the subsidiary. Production is to begin by April 2028, and the module lines of that subsidiary are to take all of the output. The project is estimated at about INR 456 crore (~ $48.36 million), of which about INR 296 crore (~ $31.39 million) is to be borrowed. The remaining INR 159.85 crore (~ $16.95 million) is to come from unused IPO proceeds that were raised for other facilities. The shareholders must still approve that change, according to the company.
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