Oswal Pumps Ltd. has announced that its material wholly owned subsidiary, Oswal Solar Energy Private Limited, has incorporated a new special purpose vehicle (SPV) named Oswal Doon Baran Bundi Solar Projects Limited. This new entity, established on May 06, 2026, will focus on delivering rooftop solar power projects in Rajasthan. Oswal Solar will hold a 60% stake in the new venture, which is set to undertake a significant infrastructure development contract.
Strategic Expansion into Solar Energy
In a move to strengthen its presence in the renewable energy sector, Oswal Pumps Ltd. has expanded its subsidiary network. Through its material wholly owned subsidiary, Oswal Solar Energy Private Limited, the company has incorporated Oswal Doon Baran Bundi Solar Projects Limited. This strategic move is designed to facilitate the execution of large-scale solar projects under a specialized operational framework.
Project Details and Scope
The new SPV has been formed to execute a project involving the design, supply, erection, testing, and commissioning of Rooftop Solar (RTS) Photovoltaic power projects. These installations will be situated on state government buildings across Rajasthan under the Hybrid Annuity Mode (HAM). The project also encompasses comprehensive operation and maintenance services for a period of 25 years from the date of commissioning.
Investment and Ownership Structure
The incorporation follows a successful bid for a 33 MW capacity project, as per the letter of award issued by the Rajasthan Renewable Energy Corporation Limited on March 30, 2026. Oswal Solar Energy Private Limited has subscribed to 6,000 equity shares of Rs. 10 each, totaling Rs. 60,000. This investment grants the company a 60% controlling stake in the joint venture, with Doon Infrapower Projects Private Limited serving as the remaining 40% partner.
Source: BSE
