Oswal Pumps Limited, through its wholly owned subsidiary, Oswal Solar Energy Private Limited (OESPL), has approved plans to establish a 1.2 GW TOPCon-based solar cell manufacturing facility in Karnal, Haryana. The project represents an estimated investment of Rs 4.56 billion, comprising Rs 2.96 billion in debt financing and around Rs 1.60 billion funded through unutilised initial public offering proceeds. The facility is expected to meet approximately 75 per cent of the company’s total solar cell requirements.
Furthermore, the entire output from the project will be used captively by OSEPL’s in-house solar module manufacturing lines. The investment aims to secure a reliable supply of domestic content requirement-compliant cells for government-backed solar programmes, including PM KUSUM and PM Surya Ghar. Commercial production at the facility is expected to commence by April 2028.
Earlier, in September 2026, Oswal Pumps Limited received a letter of intent from Telangana Renewable Energy Development Corporation Limited for the installation of 46,705 kW of grid-connected rooftop solar photovoltaic capacity across 9,937 government schools in 33 districts of Telangana.
